GDB Unit Moves to Protect Creditor Interest as Court Orders Winding Up of Kuala Lumpur Project Developer

MT Newswires Live07-16 12:47

GDB (KLSE:GDB) subsidiary, Grand Dynamic Builders, is taking steps to protect its interest as a creditor after the Shah Alam High Court issued a winding-up order for Damai City Sdn Bhd.

The developer was ordered by the Shah Alam High Court to be wound up following a petition filed by TSL Victory, GDB said in a Wednesday filing with the Malaysian bourse.

Grand Dynamic Builder filed a notice of intention to appear on the petition and to oppose the petitioner's initial choice of Tee Guan Pian as the liquidator.

GDB has been trying to recoup over 140 million ringgit in court-awarded claims against Damai City arising from construction works at the 8 Conlay mixed-use development in Kuala Lumpur, Malaysia.

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