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Flash Note – MRCB (BUY, maintain) - Writ and Statement of Claim served on MRCB




Affin Hwang Investment Bank Bhd


19 Jun 2013





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NGD rejects PKNS’s offer to purchase its 70% stake in P.J Sentral Devt MRCB announced that it has been notified by Nusa Gapurna Development NGD) of the following:- a) By a letter issued by PKNS’ solicitors to NGD’s solicitors, PKNS has alleged, inter alia, that by NGD entering into the NGD SSA with MRCB, NGD has triggered PKNS’ pre-emption rights with respect to NGD’s shares held in P.J Sentral under the shareholders’ agreement made between NGD, PKNS and P.J Sentral in respect of P.J Sentral (Shareholders’ Agreement). b) In reply to PKNS’ solicitors’ letter, NGD’s solicitors have stated, inter alia, that NGD disagrees with PKNS’ interpretation of its pre-emption right under the Shareholders’ Agreement, premised on the clear terms of the Shareholders’ Agreement, and the Drag Along Notice is valid and enforceable. c) PKNS’ solicitors have subsequently issued a letter to NGD’s solicitors wherein PKNS has communicated an offer to purchase NGD’s 70% equity interest in P.J Sentral. NGD through its solicitors have rejected the offer by PKNS as PKNS does not have any enforceable pre-emption rights and NGD remains committed to the NGD SSA with MRCB.

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