Pursuant to the Company’s announcement dated 7 November 2019 pertaining to the above matter, the Company wishes to provide further information in relation to the Petition and announcement as set out below:-

1. Date of Petition: 25.10.2019

    Date of Presentation of Petition to the High Court: 25.10.2019

    Date of Petition served to PBJV: 7.11.2019

2. Particulars of Claim under the Petition:

    (i)    PBJV to be wound up;

    (ii)   Official Assignee to be appointed as liquidator for PBJV;

    (iii)   Costs and Other Relief to be assessed by Court;

    (iv)  The amount claimed: RM1,706,471.40 for purported goods sold and delivered without any interest pleaded.

3.  Details of the Default / details of circumstances leading to the filing of the Petition: Non-payment of amount claimed by the Petitioner for goods sold and delivered;

4. The Winding Up Petition is against PBJV which is a major subsidiary i.e. wholly owned subsidiary of the Company;

5. Total cost of investment in PBJV by the Company: Paid up Capital of RM25,000,000.

6. The financial and operational impact of the winding up on the group: The Company believes that the petition has no material adverse impact on the business and operation of the Company.

7. The expected losses if any arising from the winding up: The Company and PBJV do not expect to incur any other further losses arising from the winding up proceedings, save for the legal fee disbursements involved to address the Petition.

8. The steps taken and proposed to be taken by PBJV in respect of the winding up proceedings: The Company has sought preliminary legal advice and will negotiate with the Petitioner towards proposal for settlement and/or opposing and challenging the petition. Meanwhile, the Company is still in the midst of formulating a plan to regularise its financial conditions that will include proposals to address this issue.

This announcement is dated on 11 November 2019.