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Tuesday, October 18, 2011

Boustead seek RM20.8mil from Penang govt

KUALA LUMPUR: Boustead Holdings Bhd will be negotiating with the Penang state government on compensation amounting to RM20.8 million.

The claim was made after the Penang state government cancelled a plan to allow Boustead to reclaim up to 0.16 ha of land off the Penang Bridge.

In a filing to Bursa Malaysia today, Boustead said the amount of the compensation is as verified by independent consultants.

"Boustead is still in negotiations with the Penang Chief Minister and the state government on the form of compensation to be paid.

"An announcement will be made by Boustead in due course setting out the terms of the compensation once the same have been agreed by Boustead and the Penang state government," the company said.

Boustead was initially given the rights as part of a compensation package for agreeing to scale down a hotel development project in the state's heritage zone.

On Monday, a statement from Chief Minister Lim Guan Eng's office said the decision was made following public consultation and a legal notice sent by Boustead to a state assemblyman who was defending his constituents in the affected area.

By Bernama

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