Additionally, SCIB is seeking a court order to compel Awana to discharge SCIB as the corporate guarantor for the loan facility within 30 days from the date of judgment.
The contract is deemed a related-party transaction as Casa Inspirasi is an indirect subsidiary of LBS Bina, while LBS Bina's group executive chairman and largest shareholder Tan Sri Lim Hock San is also MGB’s group executive chairman.
The contract was awarded to its wholly owned unit Kitacon Sdn Bhd by Sime Darby Property (BBR3 Asset 1) Sdn Bhd, a wholly owned subsidiary of Sime Darby Property Bhd (KL:SIMEPROP).
“The escalation of the US$ against ringgit Malaysia and the increase of interest rates from 4% to 11% had warranted the company to negotiate a restructuring of the loan with Exim Bank,” Bina Puri said in a filing.
SGX's regulator, Singapore Exchange Securities Trading Ltd, granted the extension and allowed NSL shares to trade on the bourse in the meantime, according to the conglomerate's filing on Bursa Malaysia on Wednesday.
"The works involve facilities upgrades to the RMAF base in Butterworth, including operational and recreational upgrades to airfield pavements, ground lighting infrastructure, drainage, rugby pitch, futsal court and other associated infrastructure," said Fajarbaru in a statement.
“By reason of the breach of the master agreement by Vienna Advantage, Cahya Mata IT has suffered losses and damages.
AZRB said the latest project will support the group’s ongoing strategic plans, continued growth and success over the next three years.
The energy and construction outfit said it sees the purchase as a strategic opportunity for long-term value creation and growth, citing the increasing scarcity of sizeable and well-positioned commercial land in the city.
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