Mohamed Shafeii said he took the legal action after new evidence surfaced during proceedings in the Ipoh Magistrate's Court, which ruled in September last year that there were elements of crime detected in the diversified group's restructuring exercise.
The disposal will help to pare down bank borrowings and add working capital requirements for the group.
Perak Transit said in a filing to Bursa Malaysia on Thursday (Feb 23) that the acquisition was done on Thursday but the transacted price was not disclosed.
The group said the eight-month contract, awarded by TT5 Theme Assets Sdn Bhd, is expected to contribute positively to its earnings for the financial years ending Dec 31 2023 (FY2023) and FY2024.
"The company does not expect to incur any losses arising from the commencement of the arbitration proceedings other than legal cost and the associated costs.
At the time, Perak Transit said the agreement was in line with its strategy to pursue new opportunities to increase its revenue stream, and to diversify its earnings base and reduce dependency on its existing business.
Rosmin joined Sime Darby Property Malaysia in June 2018 as the senior vice-president for Malaysia Vision Valley project.
The group said that the land, located in the Mukim Sungai Tinggi District of Larut & Matang, is currently charged to Perak Agro Corporation Sdn Bhd as security to the loan owed by Majuperak.
Nexusbase Developments Sdn Bhd, a subsidiary company of Majuperak, has been identified as the master developer for the mixed property development projects.
Annum appoints Koperasi Belia Nasional as agent to sell terrace homes in Perak project to its members
The homes will be sold to Koperasi Belia Nasional members at RM250,000 (intermediate lot), RM350,000 (end lot) and RM343,000 (corner lot).