JAKS files injunction in Court of Appeal to halt RM50m payment to Star

KUALA LUMPUR (July 25): JAKS Resources Bhd filed a fresh injunction in the Court of Appeal today to restrain two banks from releasing a RM50 million guarantee to Star Media Group Bhd.

This comes after the High Court dismissed a similar injunction application on Monday, filed by the group through its subsidiary JAKS Island Circle Sdn Bhd (JIC).

“The solicitors of JIC has on 24 July 2018 filed notices of motion for Erinford injunction with the Court of Appeal,” the group said in a filing with Bursa Malaysia yesterday.

The RM50 million bank guarantee is in relation to an agreement between Star Media and JIC for the latter to develop a 15-storey tower within the Pacific Star development in Section 13, Petaling Jaya.

JAKS’ share price was unchanged at RM1.19 yesterday, with about 3.7 million shares traded, giving it a market capitalisation of RM633.3 million. — theedgemarkets.com

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