Date: 09 January 2018

Companies (Winding-Up) Petition No. JA-28NCC-193-11/2017 P3 Technology Engineering Sdn Bhd vs PT Technic (M) Sdn Bhd


Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-08012018-00001
Subject Companies (Winding-Up) Petition No. JA-28NCC-193-11/2017 P3 Technology Engineering Sdn Bhd vs PT Technic (M) Sdn Bhd
Description APFT BERHAD (APFT or The Company) COMPANIES (WINDING-UP) PETITION NO. JA-28NCC-193-11/2017 P3 TECHNOLOGY ENGINEERING SDN BHD (PETITIONER) VS PT TECHNIC (M) SDN BHD (RESPONDENT)
Query Letter Contents

We refer to the Company's announcement dated 4 January 2018 in respect of the aforesaid matter.

In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

(a)   The date of the presentation of the winding-up petition and the date the winding-up petition was served on the PT Technic (M) Sdn Bhd ("PT Technic").

(b)   The particulars of the claim under the petition, including the amount claimed for under the petition and the interest rate.

(c)   Background and details of the Settlement Agreement dated 5 April 2017, and details of the default or circumstances leading to the filing of the winding-up petition and winding-up order against PT Technic.

(d)   The date of appointment of Ketua Pengarah Insolvensi as the liquidator of PT Technic.

(e)   The particulars of the liquidator.

(e)   The terms of reference of the liquidator.

(f)    The role of the board of directors of PT Technic in light of the appointment of the liquidator.

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

Yours faithfully,

 

SUZALINA HARUN
Senior Vice President, Issuers
Listing, Regulation

/WCY

c.c.: Market Surveillance Dept, Securities Commission Malaysia (via fax).

(The terms used herein, unless the context otherwise stated, bear the same meaning as those defined in the Company's announcement made on 4 January 2018.)

 

Reference is made to the Company's announcement made on 4 January 2018.

 

The Board of Directors of APFT Berhad ("APFT" or "the Company") wishes to provide the following additional information:

 

1.The date of the presentation of the winding-up petition and the date the winding-up petition was served on the PT Technic (M) Sdn Bhd ("PT Technic").

 

The date of presentation and the date of the winding up petition was served to PT Technic (M) Sdn. Bhd. on 21 November 2017.

 

2.The particulars of the claim under the petition, including the amount claimed for under the petition and the interest rate.

 

The amount claimed under the petition dated 7 November 2017 is RM1,498,000 and no interest was claimed.

 

3.Background and details of the Settlement Agreement dated 5 April 2017, and details of the default or circumstances leading to the filing of the winding-up petition and winding-up order against PT Technic.

 

The amount due to P3 Technology Engineering Sdn. Bhd (?P3 Tech?) was related to the manpower supplied by P3 Tech to PT Technic for the Samur Project. On 5 December 2016, P3 Tech had issued a winding up petition against PT Technic and the then  Directors of PT Technic had negotiated with P3 Tech to cancel the winding up order by going into a settlement agreement.

            The salient term of the settlement agreement are as follows:

  • Settlement amount is RM1,500,000
  • Initial Payment of RM2,000
  • Final settlement of RM1,498,000 on or before 30 June 2017.
  • On default of the payment P3 Tech  will become secured and undisputed debt

However, PT Technic was unable to fulfil the terms and conditions of the settlement agreement due to financial constraints therefore P3 Tech has decided to proceed with the winding up notice.

 

4.The date of appointment of Ketua Pengarah Insolvensi as the liquidator of PT Technic.

 

           Appointment date of Ketua Pengarah Insolvensi was 27 December 2017.

 

5.The particulars of the liquidator.

 

 We are unaware if the liquidators has been appointed as we have not received any correspondence on the appointment.

 

6.The terms of reference of the liquidator.

           Terms of reference of the liquidator is unavailable.

 

 

7.The role of the board of directors of PT Technic in light of the appointment of the liquidator.

 

            We are  awaiting  the appointment of the liquidators as  of now we are consulting our solicitors and consultants on this matter.

 

This announcement is dated 9 January 2018.




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