Malton gets stay of execution

Posted on | June 9, 2011

By THE STAR

PETALING JAYA: Malton Bhd is likely to file an appeal against the Kuala Lumpur High Court’s decision on Tuesday to declare null and void a joint development agreement between the company’s wholly-owned unit, Pioneer Haven Sdn Bhd, and Ho Hup Construction Co Bhd’s 70%-owned subsidiary, Bukit Jalil Development Sdn Bhd.

In a Bursa Malaysia filing yesterday, Malton said Pioneer Haven had been granted an interim stay of execution, pending the outcome of a court hearing of the stay application fixed for June 17.

To recap, Ho Hup entered into the agreement (via Bukit Jalil Development) with Pioneer Haven on March 16 last year, when Ho Hup was still under the management of former deputy chairman Datuk Vincent Lye.

The deal was supposed to see the partners develop a 60-acre freehold Bukit Jalil site into a mixed commercial and residential projectover 10 years with an estimated gross development value of RM4.2bil.

Ho Hup’s substantial shareholder and former managing director Datuk Low Tuck Choy had objected to the deal, claiming that their approval was not sought.

- Malaysia Property News

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