By KINIBIZ
Mah Sing Group Bhd will receive RM35.96 million by Dec 31, 2015, representing the refund of the entire deposit for the acquisition of land in Seremban. The acquisition was terminated in August 2015.
The vendor has offered to settle the dispute out of court by refunding the entire deposit and Mah Sing has agreed to the settlement to avoid a protracted litigation. With this settlement, the vendors have withdrawn their counterclaim with no liberty of filing their claim afresh in this suit.
Mah Sing’s wholly-owned subsidiary Grand Prestige Development Sdn Bhd had rescinded its proposed acquisition of a piece of prime freehold land located in Rantau, Seremban for RM359.56 million.
In a filing to Bursa Malaysia on Aug 14, Mah Sing said the sales and purchase agreement was void due to, among others, misrepresentation and/or breach of terms and conditions by the vendors and/or events that are unlawful have occurred.
Following this, Mah Sing demanded for the refund of the deposit of 10%, or RM35.96 million, for the purchase consideration, together with interests earned thereon.
For the purpose of the proposed acquisition, the group said it had raised total gross proceeds of RM629,32 million from the rights issue with warrants, which was completed on Feb 26, 2015.
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