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KUALA LUMPUR (April 20): Mah Sing Group Bhd has succeeded in the High Court to strike out the claims by seven persons that the RM359.5 million sale and purchase agreement (SPA) between Mah Sing’s wholly-owned unit and three land trustees is invalid.
In a filing with Bursa Malaysia yesterday, Mah Sing said the court allowed its application to strike the claims made against its unit Grand Prestige Development Sdn Bhd.
The seven — 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 — filed their suit in Seremban in August last year.
The seven, claiming to be undivided registered proprietors/beneficial owners of the land, claimed that the SPA was invalid.
Prior to that, on Aug 11, 2014, Grand Prestige 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 yesterday with a market capitalisation of RM3.61 billion.
This article first appeared in The Edge Financial Daily, on April 20, 2016. Subscribe to The Edge Financial Daily here.
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