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HIGH COURT (KUALA LUMPUR)
Azizul Azmi Adnan, J
Zen Courts Sdn Bhd – Appellant
Versus
Bukit Jalil Development Sdn Bhd & Ors – Respondent
| Table of Content |
|---|
| 1. petitioner's share buy-out value determined. (Para 1 , 2 , 4 , 5) |
| 2. valuation process involving experts explained. (Para 7 , 10 , 16 , 17) |
| 3. jda's significance recognized for valuation. (Para 18 , 20 , 22) |
| 4. court's role in valuation emphasized. (Para 23 , 24 , 26) |
| 5. dcf model appropriate for valuation. (Para 29 , 30 , 31 , 32) |
| 6. wacc method for discounting assessed. (Para 34 , 35 , 37) |
| 7. importance of price escalation method noted. (Para 39 , 40 , 41) |
| 8. plot ratio determination for valuation. (Para 43 , 44 , 45) |
| 9. raw land valuation considered for worst-case. (Para 49 , 50 , 51 , 52) |
| 10. summary and observations on expert reports. (Para 57 , 58) |
| 11. nta calculations explained with examples. (Para 59 , 60) |
| 12. uncertainties surrounding jda discussed. (Para 62 , 63 , 64) |
| 13. nta excludes goodwill, future earnings rationale. (Para 68 , 70 , 72) |
| 14. interest and costs associated with buy-out. (Para 78 , 82 , 86 , 87) |
GROUNDS OF JUDGMENT
(Enclosure84)
INTRODUCTION
[1]The petitioner in this case, Zen Courts Sdn Bhd (Zen Courts)obtained an order for its shares in Bukit Jalil Development Sdn Bhd, the first respondent (referred to in this judgment as “JV Co”),
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