Bursa Announcements
Date : 24 June 2009
FURQAN BUSINESS ORGANISATION BERHAD (“FBO” or “the Company”) - WRIT OF SUMMONS
| FURQAN BUSINESS ORGANISATION BERHAD |
| Type | Reply to query |
| Reply to Bursa Malaysia's Query Letter - Reference ID | MM-090623-40624 |
| Subject | FURQAN BUSINESS ORGANISATION BERHAD (“FBO” or “the Company”) - WRIT OF SUMMONS |
| Contents | The Board of Directors of the Company wishes to furnish the undermentioned additional information further to the announcement on 22 June 2009 pertaining to the Writ of Summons (Malaysia In The High Court In Sabah And Sarawak At Kota Kinabalu, Suit No. K22-106 Of 2009-II) together with the Amended Statement of Claim both dated 19th May 2009 received from Sabah Development Bank Berhad (“Plaintiff”). The followings are the additional information on the said announcement : 1. Austral Amalgamated Bhd. (“AAB” of “the Borrower”) is a wholly owned subsidiary of Furqan Business Organisation Berhad. 2. It is our opinion that the estimated current value of the security is close to the guaranteed debt amount, therefore we do not foresee any other material financial impact on the group. As AAB is a non operational subsidiary and the charged asset is an empty land, there will be no operational impact on the group. 3. The losses to be incurred will depend on the duration and conclusion of the litigation. It will be determined by the shortfall of the collateral against the final settlement/judgement sum if any at all. 4. We have appointed a solicitor who will enter appearance in the Court within the stipulated time. 5. As the case was just filed in the High Court in Sabah, there is no hearing date for the writ of summons as yet. |
| Query Letter Contents | We refer to your announcement dated 22 June 2009 in respect of the above matter. In this connection, kindly furnish Bursa Securities with the following additional information for public release:- The Company's relationship with Austral Amalgamated Bhd; The financial and operational impact of the Writ of Summons on the group; The expected losses, if any, arising from the Writ of Summons; and The steps taken and proposed to be taken by Company in respect of the Writ of Summons; and Date of hearing for the Writ of Summons. Please furnish Bursa Securities with your reply within one (1) market day from the date hereof. Yours faithfully KHOO KAY KWAN Head, Issuers Listing Division Regulation c.c:- Head, Market Surveillance Department, Market Supervision Division, Securities Commission (via fax) KKK/MZM |
Announcement Info
| Company Name | FURQAN BUSINESS ORGANISATION BERHAD |
| Stock Name | FBO |
| Date Announced | 24 Jun 2009 |
| Category | General Announcement |
| Reference No | CA-090624-4CAFC |
