Out-Of-Court DEAL: MRCB and Nusa Gapurna settle
with PKNS over ownership dispute
MALAYSIAN Resources Corp Bhd
(MRCB) is now free to proceed
with its acquisition of the whole
interest in PJ Sentral Development
Sdn Bhd, the developer of
a RM3 billion project to revitalise an old township
in Petaling Jaya, Selangor.
This is after the group and Nusa Gapurna
Development reached an out-of-court settlemarment
with PKNS Holdings over the PJ Sentral
ownership dispute.
Under the settlement, PKNS will now sell
its 30 per cent stake in PJ Sentral to MRCB for
RM85.3 million cash.
The Selangor government’s investment arm
will also get to build and own an office tower
within the project site, MRCB said in a filing to
Bursa Malaysia yesterday.
MRCB expects to complete the stake acquisition
by September this year.
The settlement also paves the way for the
property group to complete the acquisition of a
70 per cent PJ Sentral stake from Nusa Gapurna, subsequently allowing it to fully own the massive
project.
Elaborating on the office tower agreement,
MRCB said Nusa Gapurna’s unit, PJ Sentral, has
granted development rights to PKNS to build
Tower 2 within the PJ Sentral Garden City project
for RM91.11 million.
In February this year, the Kuala Lumpur High
Court allowed Nusa Gapurna to sell its 70 per
cent stake in PJ Sentral for some RM200 million
after dismissing PKNS’ suit filed in June 2013.
In March, PKNS filed an application for an
injunction to restrain Nusa Gapurna and MRCB
from proceeding with their share sale agreement
signed on February 13 last year.
The PKNS injunction, which had called for
full ownership of PJ Sentral, was also to stop
Nusa Gapurna and MRCB from completing their
multi-million-ringgit merger, pending its appeal
to the Court of Appeal.