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Tuesday, June 22, 2010

Bolton unit seeks damages

BOLTON LYL Sdn Bhd, an indirect wholly-owned subsidiary of Bolton Bhd, is filing for liquidated damages from Intrapuri Sdn Bhd for terminating the sales and purchase agreement signed between both parties on the acquisition of a 2.2ha land in KL for RM39 million.

“Pursuant to the above letter of termination, Intrapuri is in breach of and has defaulted under the terms and conditions of the agreement.

As such, Bolton LYL has vide their letter dated June 21 2010 informed Intrapuri that Bolton LYL shall exercise its rights to terminate the agreement and demand for liquidated damages under Clause 16 of the agreement,” the company said in a statement to Bursa Malaysia.

By Business Times

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