General Announcement

20/01/2005

KUALA LUMPUR HIGH COURT SUMMONS NO. S6-22-1616-2004 KEMBANG BIRU SDN BHD -v- 1. MALAYSIA BUILDING SOCIETY BERHAD 2. MBSB DEVELOPMENT SDN BHD

MALAYSIA BUILDING SOCIETY BERHAD

Type

Announcement
SubjectKUALA LUMPUR HIGH COURT
SUMMONS NO. S6-22-1616-2004
KEMBANG BIRU SDN BHD
-v-
1. MALAYSIA BUILDING SOCIETY BERHAD
2. MBSB DEVELOPMENT SDN BHD

Contents :

On 20 January 2005, Kembang Biru Sdn Bhd (the Plaintiff) served on Malaysia Building Society Berhad (the Company) and its subsidiary, MBSB Development Sdn Bhd (the Companys Subsidiary) a Writ of Summons for an alleged breach of the terms of a Joint Venture Agreement which was not dated. (Both the Company and the Companys Subsidiary is hereinafter collectively referred to as the Defendants) The joint venture described in the said writ is in respect of a proposed mixed development project on the land held under Lot No 1046 GM No 773 and Holding No 1348 Interim Register both at Mukim 12, Daerah Barat Daya, Pulau Pinang (Parcel A) and Lot 423, Geran 1063, Lot PO 3717, Geran No. Pendaftaran 29010, Lot No. 690, GM No. 468, Lot No. 1022 GM No. 770, Lot No 1023 GM No. 39, Lot No. 1048, GM No. 774 all of which are in Mukim 12, Daerah Barat Daya, Pulau Pinang. (Parcel B). (Both Parcel A and Parcel is hereinafter collectively referred to as the Project Land).


The Plaintiff alleges that the Defendants had failed to perform its obligation under the said Joint Venture Agreement and is seeking damages for losses suffered. As such the Plaintiff has sought for the following reliefs from the Court:-

Against the Company

(a) Damages to be assessed by the Court;

(b) A true account status of the loan;

(c) A change in the interest rate in accordance with the rate that is similar to the interest rate imposed in the financial market;

(d) Costs;

(e) interest at the rate of 8% per annum on the judgement sum from the date of judgement until full settlement of the said sum; and

(f) such other form of relief that the Court deems fit.

Against the Companys Subsidiary

(a) Damages to be assessed by the Court;

(b) Specific performance to compel the Companys Subsidiary to complete the development on the Project
Land within a reasonable time;

(c) Specific performance to compel the Companys Subsidiary to ensure premium payments are made to
the authorities for the conditions of use of the Project Land be converted to buildings for the purpose of
housing;

(d) Costs;

(e) interest at the rate of 8% per annum on the judgement sum from the date of judgement until full settlement of the said sum; and

(f) such other form of relief that the Court deems fit.

Both the Company and the Companys Subsidiary will enter their appearance in Court with regard to this matter in due course.

FINANCIAL AND OPERATIONAL IMPACT OF THE WRIT ON THE GROUP

    A. FINANCIAL IMPACT

        The Company at the moment is seeking legal advice from its solicitors and are unable to determine the financial impact arising from the Writ at this juncture.
    B. OPERATIONAL IMPACT ON THE GROUP

        The Company does not foresee any operational impact on the group arising from the writ.


    Announcement Info

    Company NameMALAYSIA BUILDING SOCIETY BERHAD  
    Stock Name MBSB
    Date Announced20 Jan 2005  
    CategoryGeneral Announcement
    Reference NoMB-050120-62957

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