News about Star Media

KUALA LUMPUR (April 10): Star Media Group Bhd (KL:STAR) said it has subscribed to A$35.

The group attributed the weak performance to relatively lower contributions from its property development segment, due to higher progress billing from the Star Business Hub project a year ago.

The legal dispute, which started six years ago, centred on the divestment of the land by Star Media to JAKS Resources in 2011, in return for JAKS Resources building a 15-storey office building for Star Media on the site.

With the settlement agreement, the parties have agreed to withdraw legal proceedings and any counter claim against each other, with no liberty to file afresh.

Kenanga said that despite Star Media’s various initiatives, it is still too early to turn positive at this juncture.

A three-member Federal Court bench on Thursday unanimously dismissed Star Media Group’s appeal against a decision unfavourable to the media company issued by the Court of Appeal in 2021 — which set aside a prior High Court's summary judgement in 2020 for JAKS to pay RM134.

Shareholders rejected the proposal for Star Media to sell a piece of land in Bukit Jelutong with the proposed buildings to Matang for RM33 million.

Aside from a land asset, the deal includes the sale of the two semi-detached buildings to Matang, which will be developed by Star Media at an estimated cost of RM14.

Matang inked an agreement with Star Media’s wholly-owned unit SMG Land Sdn Bhd on Friday (Feb 10), to acquire two units of double-storey semi-detached factory and warehouse annexed with a one-and-a-half-storey office building and other ancillary buildings - which is located within the Star Business Hub, an industrial development project in Bukit Jelutong, Shah Alam.

KUALA LUMPUR (July 28): JAKS Resources Bhd has succeeded in its appeal against the High Court decision requiring the company to pay damages to Star Media Group Bhd in relation to the latter’s corporate guarantee claim.