These people making baseless claim lah, otherwise they would have filed the claims during the Judicial Management Period and get compensated before Capital World was dicharged from Judicial Management.

Even if these cases were valid, Capita World still have Mustafa (sales proceed of RM 368m - RM93m deposit + Sales of 5 Towers RM25m) = RM300m

Ho Sey Liao, Trading Halt.

Could Be Approval For The Rest Of The 433B, Before Mustafa Tenancy Agreement Starts On 1 April.

Rest Of The 270m Coming Soon.

Maybe Got Special Dividend.

Tenancy Agreement With Mustafa Starts 1 April 25, So They Are Confident The Approval For The Balance 433B Will Be Issued In A Couple Of Weeks!

Waiting To Collect The Balance 270 Plus Millions....

Updates on the legal cases

a) Teh Swee Neo, Lee Yong Hen and 97 other purchasers 

As announced by the Company on 21 December 2020, Teh Swee Neo, Lee Yong Hen and 97 other purchasers (&ldquo 99 Plaintiffs&rdquo ) filed a claim against CCRM Management Sdn Bhd (&ldquo CCRM&rdquo ) as lessee and the Company&rsquo s subsidiary, CCP, as the developer. On 19 March 2023, the High Court judge adjudged that the 99 Plaintiffs had proven their claims and that CCRM and CCP were jointly and severally liable towards the 99 Plaintiffs&rsquo claims. On 12 April 2023, CCP filed an appeal with the Court of Appeal. The estimated claim in relation to this case was RM10 million.

CCP&rsquo s appeal before the Court of Appeal was heard on 7 January 2025. After hearing arguments, the Court of Appeal allowed CCP&rsquo s appeal and proceeded to set aside the High Court judgement against CCP. In the circumstances,  CCP has no liability towards the 99 Plaintiffs.

b) Anna Ling and 124 other purchasers

As announced by the Company on 15 October 2024, the Company&rsquo s subsidiary, CCP, received an incomplete Writ and Statement of Claim from Anna Ling and other purchasers claiming for RM30,619,022.76.

In December 2024, the legal advisors have re-filed the completed Writ and Statement of Claim for Anna Ling and 124 other purchasers. On 14 January 2025, CCP&rsquo s legal advisors has filed the defences for CCP.  The Court has fixed the next case management on 11 March 2025. 

c) Saravaneshwari A/P Subramaniam

  As announced by the Company on 21 November 2024, the Company&rsquo s subsidiary, CCP, received a Writ and Statement of Claim from Saravaneshwari claiming for RM75,353.  The Court has fixed the next case management on 18 February 2025.

Now most the new claims are baseless, more likely the Purchasers see the Company making a comeback and become red eyes and wanted a slice of the cake.

Worst come to worst, use the RM25m ringgits from the sales of the 5 Tower to pay Anna Ling and other legit claimants.

Capital World still gets to keep the balance of RM275m sales proceeds, once the rest of the units get the 433B Approvals. (Final CP)

Even after paying bank loans and other liabilities, the company is still flushed with cash.

Upcoming Events

1) CCPSB received the first RM5,000,000 on 5 June 2024, the second RM5,000,000 on 13 August 2024 and the third RM3,000,000 on 3 October 2024 from MK Mustafa as partial payment of the Additional Deposit.  The remaining Additional Deposit of RM17,000,000 is scheduled to be paid by MK on or before 31 December 2024.  The total deposit received till date by CCPSB was RM93,000,000, representing approximately 25% of the Purchase Price.

2) On 3 October 2024, the Group entered into a non-binding principal term sheet (&ldquo PTS&rdquo ) with a third party to sell the development right and beneficial ownership of the 5 Towers for a total consideration of RM25 million (&ldquo 5 Towers&rsquo Purchase Consideration&rdquo ).  Subsequent to the execution of the PTS, the third party purchaser&rsquo s solicitors and consultants will proceed to commence the due diligence on the 5 Towers. The due diligence process will be completed within three months from the date of the PTS.  Upon completion and satisfaction of the due diligence outcome by the third party purchaser, both the Group and the third party purchaser will execute the sale and purchase agreement (&ldquo 5 Towers&rsquo SPA&rdquo ) together with the power of attorney (&ldquo Power of Attorney&rdquo ) in relation to the 5 Towers.

3)  The Group' s appeal is fixed for hearing of appeal on 7 January 2025, in relation to the group of purchasers claims of RM10 million.  Management is of the view that it is not probable that an outflow of resources embodying economic benefits will be required to settle the claim.

4)  The Court has fixed for hearing of the claim from 18 to 20 February 2025 and from 25 to 26 February 2025, in relation to a group of purchasers of the Group' s retail units.  . Management is of the view that it is not probable that an outflow of resources embodying economic benefits will be required to settle the claim. 

NO. OF SHAREHOLDERS WITH  1,000,001 AND ABOVE = 165, HOLDING  15,998,834,944 SHARES OR  99.37% OF THE ISSUED SHARES

TWENTY LARGEST SHAREHOLDERS HOLDING  15,010,263,938 SHARES OR 93.21% OF THE ISSUED SHARES

It was previously disclosed that:

&bull CCPSB received a letter from MK Mustafa stating that MK Mustafa will waive off CP (2), CP (3) and CP (4) (&lsquo Waived CPs&rdquo ) as Conditions Precedent of the SPA.

&bull With the waiver of CP (2), CP (3) and CP (4) and the fulfilment of CP (1) and CP (5), the  SPA became unconditional.

The conditions precedent (&ldquo CP&rdquo ) in the SPA are:

(1) The Vendor&rsquo s receipt of the letter from the Relevant Authorities granting a release of the Bumi Reserved Units from being required to be sold to only Bumiputera individuals and/or entities and/or permitting the Bumi Reserved Units to be sold or transferred to any non-Bumiputera individuals and/or entities   On 21 December 2023, CCPSB received the approval letter from the State Authority granting the release of Bumi Plots to Non-Bumi Plots. With the receipt of the approval letter, CCPSB has satisfied CP (1).   

(2) The Purchaser obtaining the written confirmation from the Economic Planning Unit within the Prime Minister&rsquo s Department of Malaysia (&ldquo EPU&rdquo ) stating that no approval from EPU is required for the sale and purchase of the Property under this Agreement   On 24 April 2024, MK Mustafa has received the written confirmation from EPU (&ldquo EPU Confirmation&rdquo ). With the receipt of the EPU Confirmation, MK Mustafa has fulfilled the Waived CP (2). 

(3) The Purchaser obtaining the approval from the State Authority in respect of the acquisition of the Property by the Purchaser from the Vendor pursuant to Section 433B of the National Land Code   On 19 August 2024, MK Mustafa received the approval from State Authority pursuant to Section 433B of the National Land Code (the &ldquo 433B Approvals&rdquo ) for 55 units out of the 591 units that were sold to MK Mustafa.  The 433B Approvals for the remaining 536 units are still outstanding. 

(4) The Purchaser obtaining a loan from the Financier, unless waived by the Parties in writing   Waived By Mustafa

(5) The discharge of APSB&rsquo s Charge and the redemption of the Collateral Units from APSB.  As per announcement dated 11 December 2023, CCPSB has completed the settlement to APSB pursuant to the SSA. On 6 February 2024, CCPSB&rsquo s lawyers informed CCPSB that they have received the certificate of registration of satisfaction of charge in respect of the Collateral Units (the &ldquo Certificate&rdquo ) from the Companies Commission of Malaysia (&ldquo CCM&rdquo ). With the receipt of the Certificate from CCM, CCPSB has fulfilled CP (5).