Aug 28 2024, 12:29 AM
QUOTE(davinz18 @ Nov 21 2013, 10:21 PM)
Malaysian group secures RM4b facility for Battersea project
S P Setia Berhad, Sime Darby Berhad and the Employees Provident Fund have secured a £790.2mil (RM4.08bil) facility for the massive Battersea Power Station (BPS) redevelopment in the UK.
The development and land refinancing facility was granted by a syndicate of five banks. They comprise of CIMB Bank Bhd, Oversea-Chinese Banking Corporation Ltd, Standard Chartered Bank, Maybank International and HSBC Bank.
According to an invitation letter on Thursday, the official signing ceremony for the refinancing facility will be held on Monday in Kuala Lumpur.
The consortium, comprising of SP Setia, Sime Darby and the EPF, will undertake a massive redevelopment of BPS.
An earlier report in July said the BPS project will be developed in eight phases, with the first phase comprising a block of 866 apartments that will be completed by 2015. So far, 97% of the apartments have been sold.
The Malaysian consortium that is undertaking this mammoth development, which has a gross development value of £8bil (RM38bil).
TrendingS P Setia Berhad, Sime Darby Berhad and the Employees Provident Fund have secured a £790.2mil (RM4.08bil) facility for the massive Battersea Power Station (BPS) redevelopment in the UK.
The development and land refinancing facility was granted by a syndicate of five banks. They comprise of CIMB Bank Bhd, Oversea-Chinese Banking Corporation Ltd, Standard Chartered Bank, Maybank International and HSBC Bank.
According to an invitation letter on Thursday, the official signing ceremony for the refinancing facility will be held on Monday in Kuala Lumpur.
The consortium, comprising of SP Setia, Sime Darby and the EPF, will undertake a massive redevelopment of BPS.
An earlier report in July said the BPS project will be developed in eight phases, with the first phase comprising a block of 866 apartments that will be completed by 2015. So far, 97% of the apartments have been sold.
The Malaysian consortium that is undertaking this mammoth development, which has a gross development value of £8bil (RM38bil).
Corporate
SP Setia sues former president and CEO and others for breach of duties
August 27, 2024
SP Setia Bhd today announced that it is suing its former president and chief executive officer Khor Chap Jen and others for breach of duties in land dealings in Sabah.
SP Setia Bhd today announced that it is suing its former president and chief executive officer Khor Chap Jen and others for breach of duties in land dealings in Sabah.
KUALA LUMPUR: SP Setia Bhd today announced that it is suing its former president and chief executive officer Khor Chap Jen and others for breach of duties in land dealings in Sabah.
Its former deputy president and chief operating officer Datuk Wong Tuck Wai and executive vice president Datuk Kow Choong Ming are also named in the suit, which lists 11 defendants, filed in Shah Alam High Court today.
Khor was CEO of SP Setia between 2016 and 2021.
Wong is currently CEO of IJM Land Bhd.
SP Setia in its filing with Bursa Malaysia Securities said it is claiming breaches of duties by the former director and senior management of the company and its subsidiaries in relation to the acquisition of six plots of land located at
Jalan Lintas, Kota Kinabalu, and the sale of units under its Aeropod project (Phase 3A).
It said it also brought the action for breaches of duties by its former senior management, dishonest assistance, conspiracy, deceit, and the breaches of Supplemental Agreement dated March 11, 2021 (which varied the terms of the Master Sale and Purchase Agreement dated July 10, 2017) by the other defendants which include
Pristigo Properties Sdn Bhd.
Among others SP Setia is seeking a declaration that Aeropod Sdn Bhd is entitled to the ring-fenced money of RM60.7 million which was retained by Aeropod as security towards the performance of Pristigo Properties' obligations under the Supplemental Agreement dated March 11, 2021.
It is also seeking another RM37.6 million compensation after the deduction of the ring-fenced money; and late payment interest of RM5.2 million, with further interest until final settlement by the court.
SP Setia's share price closed 2.4 per cent higher at RM1.27 a share, giving it a market capitalisation of RM6.17 billion.
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