Euro Holdings Berhad ("EURO" or the "Company") - Kuala Lumpur High Court Civil Suit No: WA-22C-50-04/2017 (the "High Court Suit") between Tack Yap Construction (M) Sdn Bhd (the "Plaintiff") v Euroland & Development Sdn Bhd (the "Defendant")
Reference is made to the Company’s announcement dated 18 October 2018.
The Board of Directors of EURO wishes to announce that both Plaintiff and Defendant (the "Parties") had, on 29 November 2018, entered into a Settlement Agreement (“Settlement Agreement”) wherein the Parties have agreed that the Defendant shall pay to the Plaintiff a sum of RM6.3 million ("Settlement Sum") as full and final settlement of the Judgement on the terms and conditions as set out the Settlement Agreement. The manner of the settlement is as follows:-
1. The Defendant shall pay RM2.0 million to the Plaintiff in clear fund on execution of the Settlement Agreement.
2. The Defendant shall pay RM2.3 million to the Plaintiff in monthly instalments commencing from January 2019 to June 2019.
3. The Defendant agreed to settle in full, the remaining RM2.0 million of the Settlement Sum by transferring and/ or conveying four (4) units of condominium in the Alam Damai Project ("Contra Properties") to the Plaintiff. The Parties have agreed that each unit of the Contra Properties is valued at RM500,000.
The Defendant agreed to execute notices of withdrawal to withdraw the appeal in the Court of Appeal and the stay application in the High Court with no liberty to file afresh and no order as to costs.
In the event the Defendant breaches or defaults in its performance of its obligations under the Settlement Agreement, the judgement sum awarded in the High Court Suit, less any payments received or Contra Properties effected, will be immediately due and payable by the Defendant to the Plaintiff, whereby the Plaintiff shall be entitled to commence any form of execution proceedings on the judgement for the recovery of the default sum.
This announcement is dated 5 December 2018.
|Company Name||EURO HOLDINGS BERHAD|
|Date Announced||05 Dec 2018|
|Category||General Announcement for PLC|