Star on why it called on the RM50mil bank guarantees

The pre-tax profit is a significant jump from the RM0.57mil posted in the preceding quarter. It excludes the net gain from the disposal of Cityneon Holdings Ltd, which amounted to RM206.86mil.

PETALING JAYA: Star Media Group Bhd says it called on bank guarantees amounting to RM50mil after a subsidiary of JAKS Resources Bhd, Jaks Island Circle Sdn Bhd (JIC) failed to complete and deliver a building in a Section 13 Petaling Jaya development in accordance with the deadline.

The company in an announcement said that the deadline had expired on Feb 15 following the latest extension agreed between Star Media Group and JIC.