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KUALA LUMPUR (July 21): Yi-Lai Bhd has denied that it entered into any written or oral agreement to acquire three properties for RM100 million, and this morning trading of its shares was suspended for one hour from 9am to 10am.
In a bourse filing today, Yi-Lai, which mainly carries out manufacture and sale of ceramic and homogenous tiles, said it had been cited as the second defendant in Kuala Lumpur High Court Suit No. 285 filed on July 8, 2020 and served on the company yesterday by one Teng Kam Kheong.
It said Teng sought specific prayers against the company, namely a specific performance for the company to purchase the described “three properties” for a sum of RM100 million, costs and further or other relief.
Yi-Lai also said it maintains the suit as “baseless, frivolous, vexatious and an abuse of the court’s process”.
Yi-lai said it had instructed its solicitors to consider necessary applications to have Suit No. 285 summarily determined in favour of the company.
Yi-Lai said Suit No. 285 had been fixed for case management by way of e-review tomorrow, with further announcements on the developments (if any) to follow.
At 11.04am, Yi-Lai had risen 3.76% or 3.5 sen to 96.5 sen, valuing it at RM140.48 million.
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