KUALA LUMPUR (Aug 12): Sentoria Group Bhd said it is taking legal advice on the purported termination of the lease agreements for 120 acres of Malay reserve land in Langkawi by Lembaga Pembangunan Langkawi (LADA). Sentoria said that SLSB has paid RM41.38 million to LADA as lease premium consideration with a loan of RM28.9 million from Affin Bank Bhd and the remaining RM12.48 million from internally-generated funds. In a bourse filing on Friday, Sentoria said it has received notice from Affin regarding a refund of RM28.9 million from LADA, allegedly being the refund of the partial lease payment pursuant to the purported termination of lease agreements. Notwithstanding the receipt of the notice, Sentoria said it is taking advice on the purported termination of the agreements by LADA. The group said SLSB had since 2014 incurred property development costs and the carrying amount for the land, including land lease premium and property development costs totalling RM60.15 million to date.

Source: The Edge Markets August 13, 2022 02:44 UTC