UEM Sunrise units served with C$15.14m claims
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.