Justice Su Tiang Joo said the parties had entered into a binding and enforceable contract for the sale of the terminal.

In his oral grounds delivered today, Su said PDB, a subsidiary of Petronas, had wrongfully refused to proceed with the transaction.

The court also ordered interest at 5% per annum from Jan 9, 2020, the day the suit was filed, until full payment of the judgment sum, and costs of RM130,000 payable to Maxop.

The dispute centred on whether a sale agreement was concluded, notwithstanding the absence of a signed formal sale and purchase agreement.

After a trial spanning seven hearing days, the court found that essential contractual elements, including the parties, property and price, had been agreed upon, and that PDB’s termination constituted a breach.

Maxop was represented by lawyers Ong Yu Jian, Joshua Ho and Nurul Hanani Azamuddin while Faisal Moideen, Maximilian Tai and Siti Shyazana Mokhsein appeared for PDB.