The Malaysian court has ruled that Yongnam Holdings ’ wholly-owned subsidiary, Yongnam Engineering Sdn Bhd, has to make several payments to Axis REIT’s trustee, RHB Trustees Berhad.
Yongnam Engineering had received a letter of demand (LOD) dated Oct 19 to pay the sums owed under the court’s default judgement within seven days from Oct 19.
The payments include agreed rental arrears due under the lease for RM3.79 million ($1.09 million), compensation charges of RM703,966.14 as at June 7, as well as continuing on the sum of RM3.79 million at the rate of 1.5% per month on a daily basis from June 8 until the date where the sum is fully paid.
The payments also include “agreed specific damages” of RM105.4 million, compensation charges on the RM105.4 million at the rate of 1.5% per month from June 8 till the date of the full payment, as well as legal charges and reimbursement as at the date of filing the writ in the sum of RM236,954.77.
Yongnam Engineering had received a LOD on Nov 23, 2022, for the payment of its rental, compensation charges and legal fees for its premises at AXIS Steel Centre @ SiLC(JB), No. 27, Jalan SiLC 1/5, Kawasan Perindustrian SiLC, 79200 Bandar Nusajaya, Johor Darul Ta’zim, Malaysia.
Shares in Yongnam last traded at 2.6 cents before its share trading suspension on Nov 24, 2022.
