This article first appeared in The Edge Financial Daily on May 17, 2018 - May 23, 2018
KUALA LUMPUR: Meda Inc Bhd said its wholly-owned subsidiary Maju Puncakbumi Sdn Bhd had launched legal action against Perbadanan PR1MA Malaysia (PR1MA), claiming RM108.76 million in damages.
This follows the termination of a plan by PR1MA to buy a 4.29-acre (1.73ha) land in Tanjung Kling, Melaka from Maju Puncakbumi for RM6.81 million in December last year.
On May 5, 2015 , Maju Puncakbumi entered into a master en-bloc purchase agreement with PR1MA for the proposed disposal of land. Under the deal, Maju Puncakbumi was to build PR1MA homes on parts of the land.
In a filing with Bursa Malaysia yesterday, Meda said Maju Puncakbumi had initiated a writ in the Shah Alam High Court on April 25, which was served to PR1MA yesterday.
Meda said it will make further announcements in relation to the progress of the legal proceedings accordingly.
According to the group’s 2016 annual report, construction work for Phase 1 of the project — with a contract value of RM136.53 million — began in the first half of 2016, with completion slated for the fourth quarter of 2018.
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