[1] The Plaintiffs were the registered and beneficial shareholders of 18,862,000 of the shares of a company known as Veramax Sdn. Bhd ("Veramax"). The Defendant is a public listed company. The Plaintiffs and the Defendant entered into a written agreement dated 1 March 1996 ("the Share Sale Agreement") whereby the Plaintiffs agreed to sell and the Defendant agreed to buy 12,750,000 shares of Veramax for a consideration of RM55 million. In lieu of the RM55 million purchase consideration a list of shares were to be transferred to the Plaintiffs and the purchase price shall be deemed to be fully paid.

[2] The Plaintiffs alleged that the Defendant was in breach of the Share Sale Agreement as the Defendant failed to make the payment of RM55 million. The consideration shares according to the Plaintiffs were not delivered and therefore RM55 mi