MPCORP

0.140

+0.005 (+3.7%)

MATERIAL LITIGATION MALAYSIA PACIFIC CORPORATION BERHAD ("MPCORP" OR "THE COMPANY") Chronology of event on Kuala Lumpur High Court Summons No. WA-22NCC-41-01/2020 between Asia New Ventures Sdn Bhd ("Asia New Ventures" or "the Plaintiff") and Malaysia Pacific Corporation Berhad ("the Company" or "the Defendant") for claim of cost of fund under Supplemental Agreement dated 8 April 2019 to the Sale and Purchase Agreement dated 11 March 2019

Amended Announcements
Please refer to the earlier announcement reference number: GA1-21072021-00009

MALAYSIA PACIFIC CORPORATION BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
MALAYSIA PACIFIC CORPORATION BERHAD ("MPCORP" OR "THE COMPANY")

Chronology of event on Kuala Lumpur High Court Summons No. WA-22NCC-41-01/2020 between Asia New  Ventures Sdn Bhd ("Asia New Ventures" or "the Plaintiff") and Malaysia Pacific Corporation Berhad ("the Company" or "the Defendant") for claim of cost of fund under Supplemental Agreement dated 8 April 2019 to the Sale and Purchase Agreement dated 11 March 2019

Further to the facts disclosed in the Company’s announcement dated 24 February 2020, 5 January 2021, 14 January 2021, 5 March 2021, 16 March 2021 and 12 April 2021, the Board of Directors of MPCORP wishes to disclose the following subsequent events, in chronological order: -

 

On 11th January 2021, the Court vacated the Trial date and in view of the Movement Control Order which would be in effect until 26th January 2021, the Court fixed new Trial dates on 9th March 2021 and 26th March 2021.

 

On 4th March 2021, the Court issued notice to confirm that the Trial will commence on 9th March 2021.

 

The Trial commenced on 9th March 2021 and 26th March 2021.

 

The Court fixed the Decision date on 19th July 2021.

 

The Court grants the following judgment on 19th July 2021: -

 

(a) Main Action

(i) Defendant to pay the sum of RM2,726,955.71 (RM130,109,651.65 x 9% x 85days) to the Plaintiff as the costs of funds with 5% interest from the date of judgment until the full settlement; and
(ii) Costs of RM40,000.00 subject to allocator fee of 4% to be paid by the Plaintiff to the Defendant.

 

(b) Counterclaim Action

(i) Plaintiff to pay RM34,895.00 to the Defendant with 5% interest from the date of judgment until the full settlement; and
(ii) No order as to costs.

 

The Company will announce further developments pertaining to the above matters as and when necessary.

 

This announcement is dated 22 July 2021

 

(Note :This amended announcement will supercede the earlier announcement made on 21 July 2021 of which the attachment attached is not applicable)






Announcement Info

Company Name MALAYSIA PACIFIC CORPORATION BERHAD
Stock Name MPCORP
Date Announced 22 Jul 2021
Category General Announcement for PLC
Reference Number GA1-22072021-00061