Meda Inc’s new shareholder to settle outstanding rental payments with The Arc @ Cyberjaya owners

PETALING JAYA (Oct 16): Meda Inc’s recently emerged shareholder Datuk Seth Yap will be resolving outstanding rental charges due to owners of The Arc @ Cyberjaya.  

To date, the company has paid out RM771,372.78 to the owners with the first payment of  RM361,718 followed by a second payment of RM409,654.67.

Yap presented a mock cheque for the second payment to the owners recently.

The total outstanding rent was RM6.79 million, which means that the balance to be paid currently stands at about RM6.02 million.

To recap, The Arc is a serviced apartment with a commercial component located in Cyberjaya which was developed by Maju Puncakbumi Sdn Bhd (MPSB), a wholly-owned subsidiary of Meda Inc.

The development comprises 1,000 serviced apartment units which came with a tenancy option agreement between unit owners and MPSB to exercise the option of having a Guaranteed Rental Return (GRR) for a fixed term of up to three or four years, depending on the unit. MPSB however, terminated the GRR scheme for a majority of the units.

Speaking at the mock-cheque presentation, Yap said as the newly emerged major shareholder of Meda Inc, he believes that to sustain the company in the long run, it is important to look into and manage its existing projects and issues, on top of unlocking the potential of lands and development projects.

“Our aim is to regain public confidence and rebuild Meda Inc to be a reputable brand within the property industry and this will begin with our commitment to deliver our best for our customers.

“Leveraging on the collective wealth of experience provided by the team at M101 and me, we are optimistic that we can guide Meda Inc to turn profitable soon,” said Yap, who is the founder and CEO of another property development company M101 Holdings Sdn Bhd.

Yap had emerged as a 25.5% shareholder of loss-making Meda Inc in July.