Jaks files injunction against Star Media

PETALING JAYA: The solicitors of Jaks Resources Bhd’s sub-subsidiary Jaks Island Circle Sdn Bhd yesterday filed an injunction with the Kuala Lumpur High Court to restrain Star Media Group Bhd from receiving the proceeds of a bank guarantee of RM50 million provided for a development project in Section 13, Petaling Jaya.

Star Media claimed that JIC failed to deliver vacant possession of Tower A by the stipulated deadline enabling it to demand the RM50 million bank guarantees pledged as security.

Star Media had said that the deadline for the delivery of vacant possession of Tower A had expired on Feb 15 following the latest extension agreed between Star Media and Jaks.

Jaks shares closed down 1.12% to RM1.76 yesterday with 1.88 million shares done, while Star Media fell 2.21% to RM1.33 with 1.07 million shares done.