KUALA LUMPUR (Sept 26): Sedania Innovator Bhd’s major shareholder Sedania Corp Sdn Bhd (SCSB) has filed an application at the High Court here to set aside and stay (postpone) the court's order to compensate RM14.52 million to two individuals claiming to own a 49% stake in Sedania’s consumer healthcare products business.

In a bourse filing on Tuesday, Sedania said the application was filed by SCSB and Sedania’s consumer healthcare products business Offspring Inc Sdn Bhd, both of whom are defendants in the suit filed by Karine Low and Tan Kien Yeow.

“Further announcement will be made to Bursa Malaysia Securities Bhd as and when there are material developments in relation thereof,” it added.

Last week, Low and Yeow obtained an ex-parte (one-sided) court order from the Kuala Lumpur High Court for SCSB and Offspring Inc to pay RM14.52 million as compensation for the pair's purported 49% interest in Offspring in accordance to a 2018 agreement inked with SCSB.

This came after the pair initiated arbitration against SCSB and Offspring to claim damages for their rights and interest. The ex-parte court order recognised and enforced the arbitration award granted during proceedings.

SCSB and Offspring Inc are also required to bear the cost of arbitration at the Asian International Arbitration Centre amounting to RM416,358 and legal-related costs of RM365,937.

Previously, Sedania estimated that the financial impact on its 51%-owned unit Offspring Inc may total RM17.46 million.

Sedania had previously shared that SCSB and Offspring Inc intended to file an application to set aside and stay the court order.

Shares in Sedania finished half a sen or 2.56% higher at 20 sen, giving the company a market capitalisation of RM67.73 million.