KUALA LUMPUR (July 19): Seacera Group Bhd said its wholly-owned subsidiary Seacera Properties Sdn Bhd (SPSB) has received a notice of demand and termination from Megapower (Malaysia) Sdn Bhd, now known as Brosman Holdings (M) Sdn Bhd (BHM), demanding a payment of RM6.3 million in respect of the purchase price paid to SPSB for a piece of land.

According to a bourse filing, SPSB had failed to comply with the terms of the sale and purchase agreement dated Feb 2, 2012, between SPSB and BHM, thus the latter demanded RM6.3 million in repayment.

Failing which, it said SPSB will be charged interest at 8% per annum on a day-to-day basis until receipt of full payment.

"The company is required to settle full settlement within 14 days from July 18, 2019, failing which BHM shall proceed with further legal action against the company and all costs and expenses shall be borne by the company.

"The company is seeking legal advice on the matter," Seacera said.

On Feb 2, 2012, the two parties had entered into a sale and purchase agreement for a piece of land located at Kayu Ara, Selangor, measuring 67,274 sq ft for RM6.3 million.

Seacera said the disposal had provided an opportunity to unlock and realise its investment and to maximise the gain on appreciation of the value of the land, expecting a gain on disposal of approximately RM3.9 million.

At 2.30pm, Seacera shares traded unchanged at 21 sen, giving a market capitalisation of RM99.67 million.