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Thursday, September 12, 2013

Malton shareholders OK property deal with JCorp (STAR)

Shareholders of Malton Bhd have unanimously approved its property exchange deal with Johor Corporation (JCorp).

Deputy chairman Paul Ravelli said the company would now work towards completing the transaction by November.

“But this would depend on the other party (JCorp),” he said after an EGM on Thursday.

JCorp and Malton were embroiled in a court battle as Malton-related entities had sought to enforce a 2009 agreement, in which Johor Corp initially agreed to sell Pusat Bandar Damansara to Malton for RM700mil.

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