Eco World’s unit files suit seeking to recover RM524,786.59

KUALA LUMPUR: Eco World Development Group Bhd’s wholly owned subsidiary, Hasrat Budi Sdn Bhd (HBSB) has filed in the High Court of Malaya a writ of summons and statement of claim against Revolusi Asia Sdn Bhd, Entomo Malaysia Sdn Bhd and Raveenderen A/L Ramamoothie, in relation to HBSB's investment in MYSJ Sdn Bhd.

In a filing with Bursa Malaysia, the developer said the suit was filed against the defendants for amongst others breach of certain representations and warranties provided by the defendants to HBSB under the share sale agreement entered into among the parties on Aug 27, 2021.

HBSB is seeking to recover, amongst others, costs incurred totalling RM524,786.59 and general damages to be assessed by the court.

“This legal action is not expected to have any material impact on the financial position and operations of the company,” Eco World said.

“This legal action is also in addition to and without prejudice to the put option which has been exercised by HBSB requiring Entomo and Raveenderen to buy back HBSB’s 10% stake in MYSJ at RM24mil plus interest at the rate of 10% per annum until date of payment,” it added.

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