KUALA LUMPUR (Aug 8): A company which had filed a lawsuit against three of UEM Sunrise Bhd's subsidiaries over several alleged breach of agreements involving land deals in Kuala Lumpur and Johor has agreed to withdraw its claim.

Nipponkey Sdn Bhd had filed the suit against Lucky Bright Star Sdn Bhd, Nusajaya Rise Sdn Bhd and Symphony Hills Sdn Bhd in March.

In a bourse filing on Tuesday (Aug 8), UEM Sunrise said all the parties have reached an amicable settlement on the disputes and ongoing legal proceedings at the Kuala Lumpur High Court and Johor Bahru High Court.

“The plaintiff [Nipponkey] also agreed to withdraw its appeal against the dismissal of the injunction application filed at the Court of Appeal, withdraw its stay application filed at the Johor Bahru High Court, and withdraw the caveats on the 16 lands in Tanjung Kupang, Johor Bahru belonging to Symphony Hills and Nusajaya Rise,” it said.

UEM Sunrise added that it has on its part agreed to withdraw its counterclaim against Nipponkey and Messrs Zaid Ibrahim & Co, and withdraw its caveat on the land in Jalan Sultan Yahya Petra, Kuala Lumpur for which a sale and purchase agreement (SPA) was entered into by UEM Sunrise and Nipponkey in August last year.

“The parties agreed that all withdrawals are with no order as to costs and without liberty to file afresh, foregoing the parties’ rights on the said claims and suits from this day forth," said UEM Sunrise.

Meanwhile, Nipponkey has refunded a RM38.4 million deposit, together with interest accrued therein as prescribed under the SPA on Aug 8.

On March 8, UEM Sunrise said it had received a lawsuit from Nipponkey over the alleged breach of the SPA which related to two disposal and land transfer agreements in Tanjung Kupang in Johor Bahru and another 12 disposal and land transfer agreements in the same area in Johor Bahru.

Nipponkey had claimed RM1.67 million from UEM Sunrise, other general damages and costs, and interest at 5% per annum calculated from date of the action until date of full and final payment in the lawsuit.

Shares in UEM Sunrise closed 2.5 sen or 5.05% higher to 52 sen on Tuesday, giving the group a market capitalisation of RM2.6 billion.

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