KUALA LUMPUR: The High Court dismissed PKNS Holdings Sdn Bhd's suit against Nusa Gapurna Development Sdn Bhd and Malaysian Resources Corp Bhd (MRCB) for alleged breach of shareholders' agreement over stakes in PJ Sentral Development Sdn Bhd.
Justice Hasnah Mohammed Hashim ordered PKNS Holdings to pay Nusa Gapurna RM100,000 and MRCB RM50,000 in costs.
She said there was no breach of "pre-emption right" by Nusa Gapurna and no interference of shareholder agreement by MRCB.
"Accordingly, the plaintiff has failed to prove its claim against Nusa Gapurna and MRCB," she said.
Justice Hasnah also allowed Nusa Gapurna's counter-claim for PKNS Holdings to sell its 30% stake in PJ Sentral to MRCB.
She made the decision after hearing testimonies given by six witnesses.
Nusa Gapurna's counsel Dhinesh Bhaskaran told reporters that following the judgement, Nusa Gapurna and MRCB could proceed to complete the deal pertaining to sales of 70% stake in PJ Sentral.
He said the plaintiff, in its statement of claim filed on June 19 last year, said that it had pre-emption rights over Nusa Gapurna's 70% shares in PJ Sentral.
He said Nusa Gapurna countered the argument stating that the company was entitled to sell its 70% shares to MRCB and the court agreed.
On Aug 2 last year, Justice Hasnah dismissed an application by PKNS Holdings to stop Nusa Gapurna from selling its 70% stake in PJ Sentral Development to MRCB.
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