Court Decision Favoring Seacera Unit in Preference Shares Case Challenged

MT Newswires Live14:01

Seacera Group (KLSE:SEACERA) said Al-Amin Strategic Commodity filed a notice of appeal challenging a High Court decision given in favor of the company's subsidiary, Duta Nilal, according to a Wednesday Bursa Malaysia filing.

The High Court had earlier dismissed Al-Amin's claim against Duta Nilal, with the appeal now fixed for case management on Nov. 10.

The two parties have been engaged in a legal dispute over the issuance of redeemable convertible preference shares, which began with cross-lawsuits in June 2020.

Al-Amin had sued Duta Nilai for 8.1 million ringgit plus other claims, including a bid to void a joint venture agreement and a demand for 161.6 million ringgit in judgment.

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