KUALA LUMPUR (Aug 13): LBS Bina Group Berhad (KL:LBS) announced that its wholly-owned subsidiary, Gerbang Mekar Sdn Bhd (GMSB) has received and filed a memorandum of appearance at the Kuala Lumpur High Court in respect to a writ and statement of claim amounting to RM43.03 million.

According to its bourse filing, the claim was filed by Mega Planner Jaya Sdn Bhd — currently in liquidation — against GMSB alongside five other parties over the aforementioned sum.

In March 2018, LBS Bina acquired the entire equity shareholdings of GMSB via its wholly-owned subsidiary Saujana Tunggal Sdn Bhd for RM12 million.

The principal activities of GMSB are in the letting and management of a retail mall and provision of retail management services, according to its annual report.

Prior to the acquisition, on April 23 2014, GMSB entered into a sales and purchase agreement (SPA) with the plaintiff to acquire a unit of retail mall and a unit of shop office together with retail car-parking bays located in Setapak, Kuala Lumpur.

“The liquidator of the plaintiff is claiming against GMSB, alleging that part of the consideration sum for the SPA, amounting to RM43.03 million has not been settled,” it noted.

Mega Planner is claiming against GMSB and other defendants, jointly and/or severally the total amount of RM43.03 million together with interest calculated at 5% per annum.

LBS Bina posted a net profit of RM126.28 million in FY2022 and RM140.27 million in FY2023.

At Tuesday’s closing bell, shares in LBS Bina closed unchanged at 69 sen, giving it a market capitalisation of RM1.09 billion.