BLand unit demands payment of RM601m from China firm

PETALING JAYA: Berjaya Land Bhd’s (BLand) 51%-owned subsidiary Berjaya (China) Great Mall Co Ltd (GMOC) has issued a notice of demand to Beijing SkyOcean International Holdings Ltd for RMB974.07 million (RM601.78 million).
This is the amount due in relation to BLand’s disposal of Berjaya (China) Great Mall Recreation Centre to Beijing SkyOcean for RMB2.04 billion cash.
“Pursuant to the relevant agreements signed in respect of the Great Mall disposal, the remaining adjusted cash consideration of RMB974.07 million was due for payment by Beijing SkyOcean on or before Nov 28 2017,” BLand said in a Bursa Malaysia filing last Friday.
BLand said GMOC has given Beijing SkyOcean and its guarantors to pay the outstanding payment and accrued late payment interest within three days upon receipt of the notice of demand issued on Dec 7, failing which, will see GMOC taking legal actions against Beijing SkyOcean and the guarantors.
Berjaya Land’s shares gained 1.28% to close at 39.5sen last Friday with some 137,800 shares done.