JUDGMENT

Mohd Ghazali Yusoff JCA:

This dispute arose from the termination of an agreement for the sale and purchase of shares of a company entered into between the appellant as purchaser and the respondent as vendor. On 22 May 1998 the learned judge gave judgment in favour of the respondent and ordered the appellant to pay RM776,712.33 together with interest from 21 November 1997 to date of payment to the respondent. The appellant appealed to this court. The following are the agreed facts:

(1) On 17 April 1997 the respondent (vendor) and the appellant (purchaser) executed an agreement for the sale and purchase of shares of a company named Wangsa Merdu Sdn Bhd ("the agreement") at the agreed price of RM90 million.

(2) Pursuant to the agreement, the appellant paid RM9 million, ie, 10% of the purchase price as deposit leaving a balance of RM81 million to be paid ("the balance sum").

(3) Clause 4 of the agreement entitled "Completion Date and Extended Completion Date" reads:

4.1. Subject to the provisions of this Agreement, the Completion Date for the sale and purchase of the Sale Shares shall be seven (7) business days after the day the Purchaser receives the FIC approval or within si