UEM Sun­rise units served with C$15.14m claims

The Sun (Malaysia) - - SUNBIZ -

PETALING JAYA: UEM Sun­rise Bhd has been served with a no­tice of civil claim de­mand­ing C$15.14 mil­lion (RM47.39 mil­lion) for the al­leged breach of agree­ment in Canada.

In a fil­ing with the stock ex­change last Fri­day, UEM Sun­rise said its in­di­rect wholly owned sub­sidiaries UEM Sun­rise (Canada) De­vel­op­ment Ltd and UEM Sun­rise (Canada) Alder­bridge Ltd had re­ceived the claim no­tice filed at the Van­cou­ver Reg­istry of the Supreme Court of Bri­tish Columbia, Canada, by Mag­num Projects Ltd.

The claim no­tice al­leges breach of an agree­ment dated March 27, 2015 whereby Mag­num had been ap­pointed the sole and ex­clu­sive agent for the pur­pose of sell­ing mar­ket res­i­den­tial, non-mar­ket res­i­den­tial and strata of­fice strata lots that were to be de­vel­oped on cer­tain lands and premises in Canada.

Based on the ini­tial ad­vice re­ceived from its solicitors, UEM Sun­rise be­lieves it has a good ar­guable case to the claim and will be vig­or­ously de­fend­ing it.

“The claim is not ex­pected to have any ma­te­rial fi­nan­cial and op­er­a­tional im­pact on the UEM Sun­rise group,” it said.

UEM Sun­rise added that fur­ther an­nounce­ments will be made as and when there are ma­te­rial de­vel­op­ments in the mat­ter.

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