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Wednesday, December 14, 2011

Mah Sing disputes JV partners’ claims

KUALA LUMPUR: Mah Sing Group Bhd has disputed its joint-venture partners' claims that the joint venture agreement (JVA) for the proposed joint-venture development on 4.08 acres along Jalan Tun Razak has lapsed.

Mah Sing said Asie Sdn Bhd and Usaha Nusantara Sdn Bhd through their solicitors had taken the position that the JVA had lapsed and was of no effect from Dec 2 “as they inter alia take the position that the conditions precedent in the JVA were not met.”

“Mah Sing, however, takes a different position and maintains that the JVA has not lapsed and as stated in our announcement dated Dec 6, has waived the conditions precedent 2.6.2(b), 2.6.2(c), 2.6.2(d) and 2.6.2(e) as set out in the announcement dated Aug 2.

“Mah Sing's solicitors have today issued a letter to Asie's and Usaha Nusantara's solicitors inter alia maintaining this position.

“Together with the letter, Mah Sing's solicitors also returned the RM6.4mil deposit (with interest earned thereon) attempted to be refunded by Asie and Usaha Nusantara as Mah Sing is unable to accept the refund of the deposit,” it said.

Mah Sing had in August this year secured the development rights for a 4.08-acre parcel along Jalan Tun Razak-Jalan Pahang, which formerly housed the Pekeliling flats.

Mah Sing's wholly-owned subsidiary, Grand Pavilion Development Sdn Bhd, had entered into a joint venture agreement with privately-held Asie Sdn Bhd and its unit, Usaha Nusantara Sdn Bhd, to undertake a niche development named M Sentral with a potential gross development value of RM900mil.

By The Star

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