KUALA LUMPUR: Public Bank Bhd has withdrawn the lawsuit against Magma Group Bhd, including its wholly-owned Astaka Mekar Sdn Bhd.
The withdrawal is executed with the liberty to file afresh and without any order as to costs, marking a pivotal moment for the company.
"In the positive turn of events, the court had allowed for a withdrawal of the suit, signals a hopeful stride for Magma.
"It offers an avenue for the company to recalibrate its focus and strategies for future opportunities, untethered from the constraints of this protracted legal battle," Magma said in a statement.
The suit, originally filed by Public Bank against Magma's subsidiaries and associated parties, stemmed from disputes regarding the settlement of outstanding sums under various term loan facilities and overdraft facility.
The plaintiff had sought substantial repayments, including accrued interest, from the defendants under these facilities.
Magma managing director Datuk Seri Thomas Liang Chee Fong said the decision marks a watershed moment for the company.
"It allows us to start afresh, leaving behind the challenges we've faced in the legal arena. Our focus now shifts to harnessing new opportunities and reinforcing our commitment to sustainable business growth.
"We are optimistic about the future and are poised to explore new avenues that align with our strategic objectives," he added.
Magma remains steadfast in the company's commitment to uphold strong corporate governance and ethical business practices.
The company believes that this new chapter will enable it to strengthen its market position and deliver greater value to its shareholders and stakeholders.