KUALA LUMPUR (Oct 4): Ivory Properties Group Bhd said yesterday that the Court of Appeal has upheld a decision to strike out a breach of agreement suit against its wholly-owned subsidiary.
The suit against Ivory Indah Sdn Bhd (IISB) was filed in 2015 by businessman Datuk Krishna Kumar TN Sharma, claiming that IISB had breached an agreement relating to a Penang property sold to the company.
The High Court dismissed the claim in 2016 and Krishna Kumar then appealed to the Court of Appeal.
According to Ivory Properties' 2017 annual report, the property is freehold development land in Penang Island’s Northeast district measuring some 2.34 million sq ft.
IISB had entered into an agreement to dispose of the land for RM150 million. The sale was in progress pending fulfilment of the conditions precedent of the agreement, said the annual report.
Ivory Properties’ share price closed 0.5 sen or 1.3% down at 38 sen yesterday, for a market capitalisation of RM186.23 million. — theedgemarkets.com