Date: 24 July 2017

MATERIAL LITIGATION APFT BERHAD (APFT or The Company) Companies (Winding-Up) Petition No. WA-28NCC-397-07/2017 Winding-Up Petition under Section 465(1)(e) of the Companies Act, 2016


Type Announcement
Subject MATERIAL LITIGATION
Description APFT BERHAD (APFT or The Company) Companies (Winding-Up) Petition No. WA-28NCC-397-07/2017 Winding-Up Petition under Section 465(1)(e) of the Companies Act, 2016

The Board of Directors of APFT Berhad ("APFT" or "the Company") wishes to announce that an indirect subsidiary, PT Technic (M) Sdn Bhd ("PT Technic" or "the Respondent") had on 12 July 2017 was served with a sealed Companies (Winding-Up) Petition dated 4 July 2017 together with a copy of the Affidavit Verifying Petition ("the said Winding-Up Petition") by Messrs. Wong & Partners, the Solicitors who act on behalf of Insultech Co. Ltd ("Insultech") demanding for the payment of the total outstanding sum owing by PT Technic amounting to USD 89,760.00 for insulation works provided to PT Technic in relation to SAMUR Project.

The circumstances leading to the filing of the Writ and Statement of Claim against PT Technic was due to the fact the PT Technic had apparently failed to pay the outstanding sum together with the interest amounting to USD 89,760.00 for insulation works provided to PT Technic in relation to SAMUR Project.

The Winding-Up Petition was presented to the High Court of Malaya at Kuala Lumpur and the hearing was fixed on 7 September 2017.

The Company wishes to announce that it will defend the proceedings and will contest any winding-up proceedings that may be initiated.

As the alleged debt has been incorporated in the financial statements, the financial impact from the winding-up proceedings is the loss of investment in PT Technic. There is no impact on the operation of the APFT Group.

PT Technic is not a major subsidiary of APFT and the total cost of investment in PT Technic is RM5,000,000.

The Company is seeking the necessary legal advice to resolve and/or defend against the above matter.

Further announcement on the developments of the above matter will be made to Bursa Malaysia Securities Berhad in due course.

This announcement is dated 24 July 2017.





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