22 April 2016

Mah Sing wins suit over RM359.9m land deal

  22 April 2016

KUALA LUMPUR (April 19): The Seremban High Court has struck out all claims by seven plaintiffs who said the RM359.5 million sale and purchase agreement (SPA) between Mah Sing Group Bhd's wholly-owned unit and three land trustees to be allegedly invalid last year.

In a filing with Bursa Malaysia today, Mah Sing said the court allowed its application to strike the claims made by the plaintiffs against its unit Grand Prestige Development Sdn Bhd with RM3,000 costs.

On Aug 5, 2015, Chik Chan Chee @ Cheok Chan Chee, Cheok Choon Yoong, Ling (Liang) Ah Chai, Chang Moy @ Chan Kwai Lan, Wong Ah Kee @ Wong Gin Chin, Koo Seng Hiew and Tiew Choo Seng @ Chang Choo Chew served a writ and statement of claim against Grand Prestige.

The plaintiffs, each of them being one of the alleged undivided registered proprietors/beneficial owners to the land against the vendors, being the defendants, alleged that the SPA was invalid.

Prior to that, on Aug 11, 2014, Grand Prestige had entered into a SPA with three vendors who are the surviving trustees appointed by all the registered and beneficial owners of the land to be their sole and absolute trustees in respect of the land.

The 425.4ha land in Rantau, Seremban, was to be developed into a mixed development with a gross development value of RM7.5 billion.

Mah Sing rose two sen or 1.35% to close at RM1.50 for a market capitalisation of RM3.5 billion. -Theedgemarkets


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