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KUALA LUMPUR, Aug 12 (Bernama) -- The Sentoria Group Bhd’s 75 per cent-owned subsidiary, Sentoria Langkawi Sdn Bhd (SLSB), has received a receipt of notification letter from Affin Bank Bhd regarding a RM28.9 million refund pursuant to the purported termination of land lease agreements by the Langkawi Development Authority (LADA).
In a filing with Bursa Malaysia today, it said the refund is allegedly the partial lease premium of the land lease agreements.
It said SLSB has paid a total of RM41.38 million to LADA for lease agreement considerations with a 90-year lease period for two Malay Reservation Lands in Langkawi.
“SLSB has paid RM41.38 million to LADA with a loan from Affin Bank of RM28.9 million and RM12.48 million from internally generated funds,” it said.
Sentoria said SLSB leased the lands in 2014 with the intention of developing projects provisionally known as “Langkawi Geopark Resort City” and “Langkawi Medical Village”.
It said since 2014, SLSB has incurred property development costs and the carrying amount for the two properties, including land lease premium and property development costs, totalling RM60.15 million.
“In the event our solicitors agree that the purported termination is wrong and invalid, SLSB will initiate the necessary actions to recover the costs incurred to date together with the substantial losses we have suffered by reason of us not being able to develop the lands as was intended,” it added.
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