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Friday, March 19, 2010

Setia Promenade takes PPH to court

SP SETIA Bhd's wholly-owned unit Setia Promenade Sdn Bhd has terminated a joint-venture agreement with PPH Resorts (Penang) Sdn Bhd and is suing to recover money incurred in the development of a 45-acre freehold land in Penang Island.

In its filing to the stock exchange yesterday, SP Setia said the Court had fixed a date in June 2010 for case management of Setia Promenade’s action against PPH.

The agreement was first announced on December 12 2006.

Since then, Setia Promenade said it had spent RM12.2 million on the project.
It had recently filed a writ of summons and statement of claim to PPH.

By Business Times

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