We refer to the announcements made on 13 June 2011 and 28 October 2011 in relation to the Compulsory Acquisition of 2.43 hectares of land in Selayang.

The Company wishes to announce that Crossborder Team (M) Sdn Bhd ("Crossborder"), a wholly-owned subsidiary of Magna Prima Berhad, has decided to discontinue the appeal against Pentadbiran Tanah Daerah Gombak ("the Respondent") in view of the Federal Court judgement of Calamas Sdn Bhd v Pentadbir Tanah Batang Padang [2011] 5 CLJ 125 and Syed Hussain bin Syed Junid & Ors v Pentadbir Tanah Negeri Perlis and another appeal [2013] 6 MLJ 626, and upon the advice of its legal advisors.

Accordingly, Crossborder has filed a notice of discontinuance dated 2.12.2013 at the Court of Appeal through their solicitors, and a copy thereof  has been served and accepted by the Respondent.

Crossborder has received additional compensation of RM3,159,000 ("Additional Compensation") as awarded by the Shah Alam High Court. 

Interest on the Additional Compensation at a rate of 8% p.a from the date on which the land administrator took possesion of the land to the date of payment of the Additional Compensation. 

This announcement is dated 22 January 2014.

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