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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

Sunway REIT shares at 97 sen for individuals

Sunway Real Estate Investment Trust, controlled by property and hotel group Sunway City Bhd, plans to offer shares for its initial public offering at 97 sen each to individual investors, according to a prospectus published on Malaysian newspapers today.

Individual investors will get a refund if the final IPO price for institutional investors is lower than the retail price, according to the sale document.

By Bloomberg