JAKS releases RM50mil payment to Star Media Group


Its announcement to Bursa Malaysia yesterday said that the action was done after the Federal Court dismissed JAKS Island Circle Sdn Bhd’s (JIC) application and after consultation with its legal advisors

Its announcement to Bursa Malaysia yesterday said that the action was done after the Federal Court dismissed JAKS Island Circle Sdn Bhd’s (JIC) application and after consultation with its legal advisors

PETALING JAYA: JAKS Resources Bhd released the bank guarantee payment of RM50mil to Star Media Group Bhd on Jan 9.

Its announcement to Bursa Malaysia yesterday said that the action was done after the Federal Court dismissed JAKS Island Circle Sdn Bhd’s (JIC) application and after consultation with its legal advisors.

“As JAKS Resources has a 51% equity interest in JIC, RM25.5mil will be charged off in the financial statements of JAKS Resources for the quarter ended Dec 31, 2018,” it said.