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Tuesday, May 10, 2011

Metroplex’s case on May 27

PETALING JAYA: Metroplex Holdings Sdn Bhd's suit against Sunway Real Estate Investment Trust (REIT) and seven other parties in relation to a building ownership dispute has been set for hearing at High Court Kuala Lumpur on May 27.

In a statement to Bursa Malaysia, Sunway REIT revealed that Metroplex was seeking, among other things, to nullify its purchase of Putra Place.

The plaintiff argued that Sunway REIT, being a trustee to unit holders and as a trustee could only take instruction from its beneficiaries through procedures in the Trust Deed dated May 20, 2010, the Capital Markets and Services Act 2007 and also the Guidelines on Real Estate Investment Trust issued by the Securities Commission on Aug 21, 2008. Hence, any action by Sunway REIT which breached the law was invalid.

Sunway REIT had bought Putra Place, a mixed-development comprising a shopping mall, hotel and office in Kuala Lumpur for RM513.95mil in a public auction earlier this year.

By The Star

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