Date : 27 February 2014

MATERIAL LITIGATION Kuala Lumpur High Court Civil Suit No. 22NCC-438-06/2013 PKNS Holdings Sdn Bhd ("PKNS") v. 1. Nusa Gapurna Development Sdn Bhd ("NGD") 2. Malaysian Resources Corporation Berhad ("MRCB" or "the Company")

MALAYSIAN RESOURCES CORPORATION BERHAD

TypeAnnouncement
SubjectMATERIAL LITIGATION
DescriptionKuala Lumpur High Court Civil Suit No. 22NCC-438-06/2013
PKNS Holdings Sdn Bhd ("PKNS") v.
1. Nusa Gapurna Development Sdn Bhd ("NGD")
2. Malaysian Resources Corporation Berhad ("MRCB" or "the Company")

Further to the Company's annoucement on 1 August and 15 August 2013 respectively, the High Court has today dismissed PKNS's claim against NGD and MRCB, and allowed NGD's counterclaim against PKNS. The High Court also ordered PKNS to pay costs of RM100,000 and RM50,000 to NGD and MRCB respectively. The High Court further declined to consider an oral application by PKNS for a temporary injunction to prevent the completion of the sale by NGD to MRCB, but instead has directed PKNS to file a formal application.

PKNS had filed the suit against NGD and MRCB in June 2013, claiming that it has preemption rights over NGD's 70% stake in PJ Sentral, and that MRCB had procured a breach of contract by NGD. The High Court has now ruled that PKNS does not have preemption rights in the present case over NGD's 70% stake, and also that there was no procurement of a breach of contract by MRCB. On 1st August 2013, the High Court had also dismissed an application by PKNS for an interlocutory injunction to prevent the completion of the sale.
 

c.c. Securities Commission



Announcement Info

Company NameMALAYSIAN RESOURCES CORPORATION BERHAD  
Stock Name MRCB    
Date Announced27 Feb 2014  
CategoryGeneral Announcement
Reference NoMR-140227-51644