Hot Stock Mah Sing retreats 0.66% on legal suit against unit

by **Cals** Thu 06 Aug 2015, 20:17

Hot Stock
Mah Sing retreats 0.66% on legal suit against unit

KUALA LUMPUR (Aug 6): Shares of Mah Sing Group Bdh retreated in early trade today after the company said that seven individuals have initiated a legal suit against its wholly-owned unit, Grand Prestige Development Sdn Bhd, over the latter’s proposed acquisition of a piece of prime, freehold tract in Seremban, Negeri Sembilan.
At 9.20am, Mah Sing fell 0.66% or one sen to RM1.51 with 29,300 shares traded.
In its filing to Bursa Malaysia yesterday, Mah Sing said the seven are Chik Chan Chee @ Cheok Chan Chee, Cheok Choon Yoong, Ling (Liang) Ah Chai, Chang Moy @ Chan Kwai Lan, Wong Ah Kee @ Wong Gin Chin, Koo Seng Hiew and Tiew Choo Seng @ Chang Choo Chew, each being one of the alleged undivided registered proprietors/beneficial owners to the land.
Grand Prestige has been named as one of the defendants, together with the vendors of the said land, said Mah Sing. Grand Prestige was served with a writ and statement of claim made in the High Court of Seremban, by the plaintiffs today.
The plaintiffs are seeking, amongst others, a declaration that the sales and purchase agreement (SPA) entered into between Grand Prestige and the vendors is invalid.
Recall that grand Prestige had on Aug 11, 2014, entered into an SPA to acquire the piece of land in Mukim Rantau Seremban, measuring 1,051.3 acres, for RM359.56 million cash.
Mah Sing had announced then, that it was planning a mixed development with an estimated GDV of RM7.5 billion on the site, which would be its maiden foray into Negeri Sembilan.