Thursday, November 9th, 2017
WASHINGTON, Nov 9 ― Wall Street opened lower today and the Dow lost 100 points as tech stocks pulled back and skepticism over a Republican tax overhaul plan weighed. A US Senate tax-cut bill, differing from one already in the House of…
SHAH ALAM: The Shah Alam High Court has ruled in favour of a class-action lawsuit representing 137 unit owners of serviced apartment project The Arc @ Cyberjaya seeking the return of outstanding rentals against its developer Maju Puncakbumi Sdn Bhd.
Judge Datuk Roslan Abu Bakar delivered the decision in chambers today.
The court awarded the owners RM3.97 million being the outstanding rentals up till May 2017; 8% interest on the outstanding rentals; agreed liquidated damages; general damages, aggravated damages of RM10, exemplary damages; 5% interest on the overall damages and costs of RM15,000. It allowed an interim stay for vacant possession of the units.
The Arc @ Cyberjaya is a RM700 million freehold development, which was launched in 2011, comprising four blocks of serviced apartments with an average price of RM350,000 per unit and four blocks of office towers.
Incorporated in 2009, Maju Puncakbumi offers commercial and residential property development services. The company is based in Subang Jaya and operates as a subsidiary of Meda Inc Bhd.
Vincent Lim Chang, the lawyer representing the owners, told SunBiz that the court granted the owners summary judgment, which is a decision made on the basis of statements and evidence presented for the record without a trial.
It was reported that the owners were given an option to sign up for a guaranteed rental return (GRR) scheme, which promised a fixed rental income for up to 25 years, when they signed the sale and purchase agreement. The scheme, with an annual return rate of 8%, is offered in packages lasting six, 10 or 25 years.
On Oct 6, Meda told the stock exchange it denies promising a fixed rental income of up to 25 years to the apartment owners who initiated the class-action lawsuit against its subsidiary. Meda said according to an option agreement between owners and Maju Puncakbumi to exercise their option for a GRR, there is a fixed term of three or four years (depending on the unit), and the option to renew the agreement for up to 20 years was on Maju Puncakbumi.
In a stock exchange filing today, Meda said: “Our solicitors advised that we have a good case to appeal in this matter. Therefore, we have given instructions to our solicitors to appeal this matter to the Court of Appeal.”
Maju Puncakbumi’s lawyer, when met at the courthouse, claimed that some of the owners have seen the developer and settled their disputes.
PETALING JAYA: SCH Group Bhd has terminated its memorandum of understanding (MoU) with Dataran 888 Sdn Bhd in relation to the collaboration on the excavation, removal, distribution and sale of quarry sand and other related deposits from flood mitigation ponds located in Kuala Lumpur.
SCH had in May entered into three separate MoUs with Sewara Engineering Sdn Bhd, Stigma Impiana Sdn Bhd and Dataran 888 respectively.
SCH said the company and Dataran 888 Sdn Bhd have mutually agreed to terminate the MoU.
“The termination of MoU would not have any financial impact to SCH group,” SCH said in a stock exchange filing today.
PETALING JAYA: Aeon Co (M) Bhd has filed a suit against WCT Holdings Bhd’s unit Gemilang Waras Sdn Bhd at the Kuala Lumpur High Court to renew its lease for Aeon Mall Bukit Tinggi.
In a filing with Bursa Malaysia today, Aeon said it is seeking court intervention to stop Gemilang Waras and those tied to the company from terminating the lease agreement dated Nov 23, 2007 and from trying to evict the company or its tenants from Aeon Mall Bukit Tinggi, pending the court’s decision.
Aeon is looking to maintain the status quo of Gemilang Waras and Aeon Co, as well as a declaration that its lease has been renewed and/or specific action to compel Gemilang Waras to take all necessary steps to renew the lease and/or damages or any other relief the court deems fit.
The suit is not expected to have any material financial or operational impact on Aeon Co for the financial year ending Dec 31, 2017.
“The company had sought legal advice on the matter. Any further updates or development on the above suit will be made in due course,” Aeon said in a stock exchange filing.
Aeon closed unchanged at RM2 today with 150,400 shares traded.
KUALA LUMPUR, Nov 9 ― The ringgit was upbeat today, ending higher against the US dollar, buoyed by the fact that Bank Negara Malaysia (BNM) left key interest rates unchanged on Thursday. At 6pm, the local unit traded at 4.2050/2080 against the…
PETALING JAYA: MyEG Services Bhd proposes to diversify its existing principal activities to include the foreign workers' accommodation programme (FWAP).
The group told Bursa Malaysia that it entails the setting up and management of centralised and integrated living quarters or hostels throughout the country to house foreign workers.
MyEG is currently involved in the development and implementation of the electronic government services project and other related services.
The proposed diversification follows several related developments that had been announced previously.
It believes the proposed diversification complements the group's existing foreign workers permit renewal business as the future rental income derived from the FWAP is expected to provide a new source of recurring income stream.
MyEG stressed that the group will not undertake any construction activities on its own, as it will outsource such nature of activities to contractors and professional consultants such as designers and engineers.
Its shares were unchanged at RM2.16, on some 2.18 million shares done.