Frasers Property Limited (FPL) has terminated the agreement it signed with Vietnamese property firm Phu An Khang Real Estate on Jan 20.

The agreement was entered on April 27, 2018, between FPL’s indirect wholly-owned subsidiary, Frasers Property Investments (Vietnam) 1 (FPIV1) and Tran Thai Lands Company for the proposed acquisition of 24 million shares or 75% of the issued share capital in Phu An Khang.

As the conditions for the proposed acquisition have not been fulfilled by the long stop date agreed, FPIV1 and Tran Thai have mutually agreed to terminate the agreement.

Both companies have entered into a termination agreement with effect from Jan 20.

SEE: Frasers Commercial Trust spurns offer to invest in Frasers Tower

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Tran Thai, on the same day, has refunded the full deposit of VND40.86 billion ($2.35 billion) paid by FPIV1.

The termination of the agreement is not expected to have a material effect on the net tangible assets (NTA) or earnings per share (EPS) of FPL for the current FY.

Shares in FPL closed 1 cent lower or 0.8% down at $1.27 on Jan 20.