Maxim Global files appeal to overturn court order halting high-rise project

• Maxim said the stay applied to the development order issued by the Kuala Lumpur City Hall (DBKL) back in October 2017 for the development of five blocks of 30-storey apartments.

KUALA LUMPUR (June 20): Maxim Global Bhd (KL:MAXIM) has filed an appeal to overturn a stay order granted by the High Court this week that temporarily halts its high-rise residential project here.

In a filing on Friday, Maxim said the stay applied to the development order issued by the Kuala Lumpur City Hall (DBKL) back in October 2017 for the development of five blocks of 30-storey apartments.

According to Maxim, the stay was granted pending the outcome of a judicial review initiated by a petitioner against DBKL.

The petitioner is challenging the development order on the grounds that it allegedly conflicts with the Kuala Lumpur Structure Plan 2020 and the Kuala Lumpur City Plan 2020.

Maxim said that it only became aware of the legal action in August 2024, and applied to be included as a respondent to safeguard its interests in the development.

The developer added that it has now filed an appeal to the Court of Appeal seeking to vacate the stay order.

Citing its solicitors, Maxim said it has a high chance of success in the appeal.

Meanwhile, the financial and operational impact remains uncertain until the matter is resolved. “Until the status of the matter is clearer, the board is not in a position to determine the financial impact on the group,” the company said.

Shares in Maxim settled down half a sen or 1.32% at 37.5 sen on Friday, giving the group a market capitalisation of RM275.73 million.

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