MATERIAL LITIGATION AXIS REAL ESTATE INVESTMENT TRUST ("AXIS-REIT" OR "FUND") JOHOR BAHRU HIGH COURT CIVIL SUIT NO: JA-22NCC-59-08/2023 BETWEEN RHB TRUSTEES BERHAD AS TRUSTEE OF AXIS-REIT ("TRUSTEE") AGAINST YONGNAM ENGINEERING SDN BHD AND YONGNAM HOLDINGS LIMITED
| AXIS REAL ESTATE INVESTMENT TRUST |
| Type | Announcement |
| Subject | MATERIAL LITIGATION |
| Description | AXIS REAL ESTATE INVESTMENT TRUST ("AXIS-REIT" OR "FUND")
JOHOR BAHRU HIGH COURT CIVIL SUIT NO: JA-22NCC-59-08/2023 BETWEEN RHB TRUSTEES BERHAD AS TRUSTEE OF AXIS-REIT ("TRUSTEE") AGAINST YONGNAM ENGINEERING SDN BHD AND YONGNAM HOLDINGS LIMITED |
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Reference is made to the announcement dated 5 September 2023 in relation to a material litigation. Unless otherwise stated, all abbreviations and definitions used in this announcement shall have the same meaning as those defined in the announcement dated 5 September 2023.
The Manager wishes to announce that the Trustee as plaintiff, has on 19 October 2023 and 20 October 2023, served on Yongnam Engineering Sdn Bhd and Yongnam Holdings Limited a Judgement in Default dated 3 October 2023 (“Judgment”). The circumstances leading to the filing of the Judgment was due to the fact that no appearance has been entered by the Defendants.
Pursuant to the Judgment, the Defendants are required to pay to the Trustee the following:
(a) the unpaid rental for the period of March 2023 to 7 June 2023 of RM3,792,276.43;
(b) the compensation charges of RM703,966.14 as at 7 June 2023 and continuing on the sum of RM3,792,276.43 at the rate of 1.5% per month on daily basis from 8 June 2023 until the date of full and final realisation;
(c) the amount equivalent to the rental for the whole unexpired period of the lease term from 8 June 2023 until 29 December 2029 as agreed liquidated damages of RM105,396,516.60;
(d) the compensation charges on the sum of RM105,396,516.60 at the rate of 1.5% per month from 8 June 2023 until the date of full and final realisation; and
(e) the legal charges and reimbursements as at the date of filing of the writ in the sum of RM236,954.77.
The Manager will make the necessary announcements to Bursa Malaysia Securities Berhad as and when there are further material developments in relation thereof.
This announcement is dated 20 October 2023. |
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Announcement Info
| Company Name | AXIS REAL ESTATE INVESTMENT TRUST |
| Stock Name | AXREIT |
| Date Announced | 20 Oct 2023 |
| Category | General Announcement for PLC |
| Reference Number | GA1-20102023-00027 |
