ADVERTISEMENT OF WINDING UP PETITION SERVED ON HICOM MENANG PROPERTIES SDN. BHD., A SUB-SUBSIDIARY OF HICOM HOLDINGS BERHAD
| HICOM HOLDINGS BHD |
Contents :
We refer to your letter received today at 5.07 p.m. (Ref : SW-991214-65236) regarding the above matter.
We furnish herewith the following information as requested :
1. The date when the petition was served on
- HICOM Menang Properties Sdn. Bhd.
- The petition was served to the office of HICOM Menang Properties Sdn. Bhd. (HMP) on 11 April 2000.
2. The amount claimed for under the petition
Amount claimed by the petitioner i.e. Messrs. Multiguna Construction & Development Sdn. Bhd. is RM1,480,318.34 inclusive of interest at 8% per annum from 3.12.97 to 20.1.2000 and RM350.00 as costs.
- to the filing of the winding up petition
- HICOM has announced previously on 21 March 2000 on the serving of the Notice of Winding Up by the petitioner to KLSE. The amount claimed mainly represents claim for loss of profit by the petitioner due to the revocation of offer of tender by HMP for non-compliance to the terms and conditions of the offer by the petitioner.
the Group, if any, arising from the aforesaid petition
- The amount claimed which is RM1,480,318.34 is not material as compared to the Net Tangible Assets of HICOM Group of RM1,874,485,000 as at 31 March 1999. There is no operational and financial impact on the Group arising from the aforesaid petition.
- The maximum exposure to HMP if the petitioner succeed to obtain judgement in their favour is RM1,480,318.34.
will take with regards to the winding up petition, if any
- HMP is being represented by a firm of solicitors to take appropriate action and to defend the winding up petition against HMP. The solicitors representing HMP are of the opinion that HMP has a fair chance of winning the case or at least to reduce the amount claimed.
Query Letter Contents :
We refer to the Notice of Winding-Up Petition, appearing in The Malay Mail on
Thursday, 13 April 2000, a copy of which is enclosed for your reference.
In this connection, kindly furnish the Exchange immediately with the following
information for public release:-
1. The date when the petition was served on Hicom Menang Properties Sdn Bhd.
2. The amount claimed for under the petition.
3. The details of the default or otherwise leading to the filing of the
winding-up petition.
4. The operational and financial impact on the Group, if any, arising from the
aforesaid petition.
5. The expected losses, if any.
6. The steps that your Company has taken and will take with regards to the
winding-up petition, if any.
Yours faithfully
KUALA LUMPUR STOCK EXCHANGE
Lisa Lam
Senior Manager, Listing Operations
SA/SW
c.c. Securities Commission
Announcement Info
| Company Name | HICOM HOLDINGS BHD |
| Stock Name | HICOM |
| Date Announced | 13 Apr 2000 |
| Category | General Announcement |
| Reference No | HH-000413-67940 |
