Berjaya Land (BLand), one of Malaysia’s biggest real estate groups, has officially asked for remaining amount owed by a Chinese firm for the RMB2.04 billion sale of Berjaya (China) Great Mall Recreation Centre.
Its 51-percent-owned unit Berjaya (China) Great Mall Co Ltd (GMOC) has sent a notice of demand to Beijing SkyOcean for the latter to pay up 974.07 million yuan (RM601.78 million).
“Pursuant to the relevant agreements signed in respect to the disposal, the remaining adjusted cash consideration of 974.07 million yuan was due on or before 28 November,” it said in a filing with Bursa Malaysia on Friday (8 December 2017).
Hence, GMOC has given Beijing SkyOcean and its guarantors three days to pay the outstanding balance and accrued late payment interest upon receipt of the notice of demand sent last Friday. Otherwise, it will take both parties to court.
As of Friday, the price of BLand’s shares edged up by 1.28 percent to 39.5 sen apiece, with approximately 137,800 stocks changing hands.
Image sourced from Berjaya Properties.
This article was edited by the editorial team of PropertyGuru. To contact them about this or other stories email editorialteam@propertyguru.com.my
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