MTAG

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MATERIAL LITIGATION MTAG GROUP BERHAD ("MTAG" OR "THE COMPANY") - WRIT OF SUMMONS AND STATEMENT OF CLAIM

MTAG GROUP BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
MTAG GROUP BERHAD ("MTAG" OR "THE COMPANY")
- WRIT OF SUMMONS AND STATEMENT OF CLAIM

Furtherance to announcements dated 9 December 2019 and 12 December 2019, MTAG had previously announced their proposal to undertake the acquisition of 2 pieces of vacant freehold industrial land held under title documents GM 372 Lot 291 and GM 373 Lot 292, both at Mukim Plentong, District of Johor Bahru, Johor (“Land”) from Brilliant Propel Sdn Bhd (“Defendant”) for a cash consideration of RM24,559,567 (“Proposed Acquisition”) and paid RM491,191.34, being the earnest deposit. 

 

Due to the material changes in the condition in the said properties, MTAG had demanded for a full refund of the deposit from the Defendant, informing that the said properties had been prejudiced due to the earthworks on Lot 292, causing part of the said properties unsuitable for use and had restricted MTAG’s intended development on the said properties. The Defendant however via its email dated 17 March 2020 informed that they will only refund RM245,595.67 to MTAG.

 

The Board of Directors of MTAG wishes to announce that the Company has issued a Writ of Summons and Statement of Claim ("SOC") to Brilliant Propel Sdn. Bhd. ("the Defendant") through its Solicitors on 23 October 2020.

 

The Company in the SOC has made the following claims:-

  1. The outstanding sum of RM245,595.67 being the balance of the deposit (equivalent to1% of the purchase price);
  2. Interest at the rate of 5% per annum on the outstanding sum of RM245,595.67 from the date of judgment until the date of full settlement;
  3. Costs of this action; and
  4. Any other reliefs which this Court thinks fit to grant. 

As at the date of this announcement, there is no material financial impact arising from this SOC on the Company. 

 

This announcement is dated 23 October 2020. 






Announcement Info

Company Name MTAG GROUP BERHAD
Stock Name MTAG
Date Announced 23 Oct 2020
Category General Announcement for PLC
Reference Number GA1-13102020-00028