JAKS's latest injunction application against Star to be heard on Friday

KUALA LUMPUR (July 25): Star Media Group Bhd today confirmed that it has been served with a fresh Erinford injunction by JAKS Resources Bhd.

The Court of Appeal has fixed Friday to hear the injunction, the media group said in a filing to Bursa Malaysia.

Yesterday, JAKS said it has filed a fresh injunction in the Court of Appeal to restrain two banks from releasing a RM50 million guarantee to Star Media.

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

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.

Star Media shares closed up 0.83% at RM1.21 today, for a market capitalisation of RM885 million. — theedgemarkets.com

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