PETALING JAYA: Ancom Bhd’s unit Redberry Sdn Bhd and Nylex (Malaysia) Bhd have entered into settlement agreements with Utusan Melayu (Malaysia) Bhd regarding a disputes between the parties over unreturned deposits.
This comes after the High Court ruled in favour of Redberry in a lawsuit against Utusan Melayu as Redberry claimed that Utusan had failed to refund the amount for the “advertising, branding & communication exercise” totalling RM8.5 million.
Pursuant to the settlement agreement, Redberry will not execute the summary judgment against Utusan and Utusan shall withdraw its counterclaim for damages and exemplary damages of RM48.32 million appeal against the summary judgment, Ancom said in Bursa Malaysia filing yesterday.
It said RM482,194.44 shall be set off against the judgment sum, being the settlement of the amount owing by Redberry to Utusan.
Utusan shall also procure Utusan Airtime Sdn Bhd, its wholly owned subsidiary, to transfer all its shares in Titanium Compass Sdn Bhd (TCSB) representing 20% of the issued and paid up capital of TCSB free from encumbrances, valued at RM6 million, which shall be set off against the judgment sum.
Meanwhile, Redberry shall bear the agreed portion of the loss suffered by Utusan of RM2.02 million in connection with the previous supply agreement by setting off that amount against the judgment sum.
In a separate filing, Nylex said the group and Utusan have entered into a settlement agreement for the claim of RM10 million by Nylex.
Utusan shall procure its wholly owned subsidiary Juasa Holdings Sdn Bhd to enter into a sale and purchase agreement with Nylex to transfer to Nylex all of its rights, title and interest in and to a parcel of land in Kuala Lumpur for a value of RM6.7 million to be set off against the Nylex’s claim.
Utusan shall also pay Nylex a sum of RM2.89 million via 14 monthly instalments with the first instalment to be paid by Jan 31, 2020.
Nylex said it will withdraw its claim against Utusan and Utusan shall withdraw its counterclaim with no liberty to file afresh within five days of execution of the settlement agreement.
Source: The Sun Daily