Malaysia Case Law: Decisions & Judgments

Topic

Valuation of shares

Legal area

Court

13 Nov 2025

LITA NASYITAH GOH BINTI ABDULLAH 1. ) ROSLAN BIN A. GHAFFAR 2. ) BIMBINGAN GALAKAN SDN BHD

Citation

WA-22NCvC-278-05/2018 (Mahkamah Tinggi)
Court

High Court
Case number

WA-22NCvC-278-05/2018 (Mahkamah Tinggi)

The court accepted the March 2016 GUH Holdings Berhad arm's length transaction (1,166,667 shares for RM11,000,000) as the appropriate market benchmark, derived a per share value of RM9.43 and assessed the 50,000 shares at RM471,500; the 1st Defendant breached the trust and is liable to pay equitable compensation (general damages) for failure to restore the trust property; the court awarded RM1,000,000 as general damages, interest at 5% p.a. from 26 January 2021 and costs RM20,000.
30 Oct 2025

TAN LIONG HUAT @ TAN SWEE HUAT 1. ) TAN HUAT HOE 2. ) TAN ZU YAN 3. ) ONG SEE FONG 4. ) NINAMAJU SDN BHD

Citation

WA-24NCC-268-05/2025 (Mahkamah Tinggi)
Court

High Court
Case number

WA-24NCC-268-05/2025 (Mahkamah Tinggi)

The court held that proposed substantive variations to the recorded Consent Judgements (removing the certified practicing accountant requirement and expanding the scope to include forensic audits and extensive retrospection) would change the substance and course of the original orders and are not permitted under the liberty to apply; accordingly variation applications (Enclosures 81 and 90) were dismissed with costs RM4,000.00. The court exercised its reserved jurisdiction to make consequential ancillary orders to give effect to the valuation process: it fixed cut-off dates, limited valuation…
30 Oct 2025

TAN ZU YAN 1. ) TAN CHOR EEOW 2. ) TAN LIONG HUAT @ TAN SWEE HUAT 3. ) TAN CHEON HUAT 4. ) TAN CHOR HAN 5. ) P M MAHSURI SDN BHD

Citation

WA-24NCC-409-08/2024 (Mahkamah Tinggi)
Court

High Court
Case number

WA-24NCC-409-08/2024 (Mahkamah Tinggi)

The court refused to vary the substantive terms of the Consent Judgements to remove the certified practicing accountant requirement or to order broad forensic audits or extended historic valuation windows because such changes would alter the substance of the parties' agreed orders and fall outside the limited ambit of liberty to apply; however the court exercised its jurisdiction to grant ancillary consequential orders to give effect to the valuation process, fixing cut‑off dates and a five‑year valuation period consistent with statutory retention rules, directing the valuers' procedure (incl…
12 Sept 2024

TOPAZVEST TEMASEK SDN BHD 1. ) CASSIO LAND SDN BHD 2. ) XXXX

Citation

22NCVC-143-09/2015 (Mahkamah Tinggi)
Court

High Court
Case number

22NCVC-143-09/2015 (Mahkamah Tinggi)

Plaintiff failed to prove on the balance of probabilities that it suffered actual quantifiable loss from the denial and transfer of the 900,000 shares because audited accounts and other evidence showed no profit or distributable benefit realised by the defendants from those shares and the plaintiff's valuation methodology was flawed; accordingly only nominal damages are appropriate.
21 Jul 2023

GLOBALMARINER OFFSHORE SERVICES SDN. BHD. 1. ) TH HEAVY ENGINEERING BERHAD [Digulungkan secara sukarela pada 08.09.2023] 2. ) XXXX 3. ) Nor Badli Munawir Bin Mohamad Alias Lafti

Citation

WA-22NCC-374-11/2016 (Mahkamah Tinggi)
Court

High Court
Case number

WA-22NCC-374-11/2016 (Mahkamah Tinggi)

On the facts the court found THHE was unable to pay its debts at the time the Default Notice was issued (20 July 2016); consequently GMOS validly issued the Default Notice and Default Sale Notice under clauses 8.6(d) and 8.7; THHE breached the SHA by refusing to sell its 80% stake; clauses 8.6(d) and 8.7 do not contravene the pari passu or anti-deprivation rules as THHE was not in liquidation and the clauses were commercially justifiable; THHE failed to prove negligent misrepresentation, breach of fiduciary duty, or that associated entities formed a single commercial unit warranting veil lift…
13 Sept 2022

LOW EAN NEE 1. ) LOW CHENG TEIK 2. ) LOW HOCK BOON 3. ) LAW SEE YOONG 4. ) SNE MARKETING SDN BHD

Citation

W-02(NCC)(A)-909-07/2020 (Mahkamah Rayuan)
Court

NCC
Case number

W-02(NCC)(A)-909-07/2020 (Mahkamah Rayuan)

The Court of Appeal found that although the appellant failed to prove forgery, the assignment of the company's valuable Trademark to a related company for a nominal RM10 constituted oppressive conduct and unfair dealing under Section 346; accordingly the High Court order was set aside and a buyout remedy with independent valuation was ordered.
6 Aug 2021

Lim Kah Keng Teng Taim Sing & Ors

Citation

WA-24NCC-51-02/2020 (Mahkamah Tinggi)
Court

High Court
Case number

WA-24NCC-51-02/2020 (Mahkamah Tinggi)

Court found that the parties formed a quasi-partnership with a legitimate expectation that Plaintiff would participate in management; majority conduct (removal without reasons or buy-out offer and cessation of business) constituted a visible departure from standards of fair dealing amounting to oppression under s.346 CA; appropriate remedy is declaratory relief and structured exit: appoint independent valuer to assess shares (net tangible assets as at 30 Nov 2019), give defendants first refusal to buy Plaintiff's shares at that value, then Plaintiff may buy defendants' shares, failing which c…
6 Oct 2020

POH BOON SHUNG (NRIC NO. 820626-14-5871) 1) ONG KUAN MING (NRIC NO. 830104-14-5435) 2) YONG TEE SIONG (NRIC NO. 821208-13-5317) 3) OON LI MAN (NRIC NO. 881015-05-5454) 4) ARK ID SDN BHD (CO. NO. 201301042360 (1072185-W)) (previously known a

Citation

WA-22NCC-142-03/2020 (Mahkamah Tinggi)
Court

High Court
Case number

WA-22NCC-142-03/2020 (Mahkamah Tinggi)

The application was dismissed because, although the Defendants admitted the Plaintiff's beneficial ownership of one-third of the shares, there was no clear admission as to the date or basis for valuation; Order 27 r.3 cannot be used to determine valuation or order transfer where the defendants expressly pleaded the Plaintiff ceased to be a shareholder as at 17.10.2017 and did not admit valuation at current market value.