Advertisement of Petition
|NEGARA PROPERTIES (M) BHD|
|Type||Reply to query|
|Reply to Query Letter by KLSE reference ID||MJ-000529-35737|
|Subject||Advertisement of Petition|
Contents :The above and your fax on even date refer.
Further to the abovesaid fax, we furnish herewith the following information as requested :-
- The petition was served on Negara Properties Builders Sdn Bhd on Friday May 26, 2000.
- The amount claimed for under the petition is RM358,868.05.
- The works under the contract has been completed. The outstanding sum as per the Petitioner's claim is RM358,868.05. However, based on the Company's accounting records as at 29th May 2000, the total balance outstanding is only RM157,336.31. Thus, there is difference of RM201,531.74 pending the finalisation of the Final Account.
- The aforesaid petition will not have any material operational and financial impact on the Group because in comparison with the Group's third quarter results ended 31/3/2000, in which the profit before tax for the cumulative quarters was RM8.25 million, the contingent liability represents only 2.4%.
- Based on the above, there is a contingent liability of RM201,531.74 and this not result in any loss for the Group for the financial year ended 30/6/2000.
- (i) The Company has negotiated with the Petitioner and the parties have agreed upon the terms of settlement.
(ii) The Petitioner has given an undertaking to take immediate steps to withdraw the widing-up petition
NEGARA PROPERTIES (M) BERHAD
NORLIN ABDUL SAMAD
Query Letter Contents :
We refer to the Notice of Winding-Up Petition, appearing in the The Star on
Monday, 29 May 2000, a copy of which is enclosed for your reference.
In this connection, kindly furnish the Exchange immediately with the following
additional information for public release:-
The date when the petition was served on Negara Properties Builders Sdn Bhd.
2 The amount claimed for under the petition.
3 The details of the default or circumstances leading to the filing of the
4 The operational and financial impact on the Group, if any, arising from the
5 The expected losses, if any.
6 The steps that your Company will take with regard to the winding-up petition.
KUALA LUMPUR STOCK EXCHANGE
Senior Manager, Listing Operations
c.c. Securities Commission
|Company Name||NEGARA PROPERTIES (M) BHD|
|Date Announced||29 May 2000|