CORP BRIEF: Tamaco, Boustead and SC

CORP BRIEF: Tamaco, Boustead and SC

The Malaysian Reserve-News·2021-04-01 15:07

Tamaco gets injunction against TH Plantation

TAMACO Plantation Sdn Bhd gets an ad interim injunction against TH Plantation Bhd (THP) which will remain effective until the next hearing on May 5, 2021. In a filing to Bursa Malaysia, THP noted that the case management was fixed on April 12, 2021, for directions on the Writ of Summon. THP has been served with a lawsuit over its decision to not pursue the proposed disposal of two plantation units to Sabah-based Tamaco Plantation for RM170 million. Tamaco Plantation had filed the lawsuit to oblige THP to complete both sales made in 2019, which are Bumi Suria Ventures Sdn Bhd and Maju Warisanmas Sdn Bhd. The proposal failed to materialise after the Economic Planning Unit withdrew its approval after about 10 days it made the decision. Following the lawsuit, Tamaco Plantation is seeking a declaration from both parties to complete the sales, the timeline for the sales to complete and a declaration that THP was stopped by its own conduct to terminate the agreement.

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