Maxim Global Bhd has lodged an appeal with the Court of Appeal in a bid to overturn a recent High Court decision that imposed a temporary stay on its high-rise residential project in Kuala Lumpur.
In a statement filed on Friday, the property developer confirmed the stay relates to the development order granted by Kuala Lumpur City Hall (DBKL) in October 2017. The order permits the construction of five 30-storey residential blocks within the city.
The stay was issued by the court pending the outcome of a judicial review initiated by a petitioner opposing DBKL’s approval. The petitioner argues that the development is inconsistent with both the Kuala Lumpur Structure Plan 2020 and the Kuala Lumpur City Plan 2020.
Maxim stated that it was only made aware of the legal proceedings in August 2024 and subsequently sought to be included as a respondent in order to protect its commercial interests in the project.
The group has now escalated the matter to the Court of Appeal, seeking to vacate the stay. Citing its legal counsel, Maxim expressed confidence in the likelihood of a favourable outcome.
The company noted that the financial and operational impact of the stay remains indeterminate at this stage. “Until the status of the matter is clearer, the board is not in a position to determine the financial impact on the group,” it said.
Shares in Maxim Global ended Friday’s trading down by half a sen, or 1.32%, at 37.5 sen. The company’s market capitalisation stood at RM275.73 million.
-The Edge
