OTHERS Hibiscus Petroleum Berhad ("Company") and its subsidiaries ("Group") - HiRex Petroleum Sdn Bhd ("HiRex")
|Description||Hibiscus Petroleum Berhad ("Company") and its subsidiaries ("Group") - HiRex Petroleum Sdn Bhd ("HiRex")|
Reference is made to our earlier announcements dated 30 March 2018 and 9 April 2018 ("Earlier Announcements"). Terms defined in the Earlier Announcements have the same meaning when used in this announcement.
The Company wishes to inform that the Kuala Lumpur High Court has, on 27 November 2018, approved the petition filed by the Company's wholly-owned subsidiary (OHSB) and ordered that:
1. HiRex be wound up pursuant to the provisions of the Companies Act 2016;
2. Mr Duar Tuan Kiat of Ernst & Young be appointed as the private liquidator of HiRex; and
3. total costs of RM24,000 be paid by HiRex to OHSB (RM8,000), Rex South East Asia Ltd and Rex Technology Management Ltd (collectively RM8,000) and Triax Ventures Corp (RM8,000).
The sealed copy of the court order relating to the above has been obtained by OHSB yesterday.
The Company also wishes to highlight the following:
(a) As previously disclosed, the Group's investment in HiRex has been fully impaired in the financial year ended 30 June 2016. As such, the winding-up of HiRex will not have any material financial impact to the Group.
(b) Contrary to the incorrect announcement made by Rex International Holding Ltd on 15 October 2018, the winding-up of HiRex has only been ordered by the Kuala Lumpur High Court on 27 November 2018, and not earlier.
(c) Contrary to the incorrect announcement issued by Rex International Holding Ltd on 6 December 2018 (but dated 6 November 2018), the appointment of the private liquidator was ordered by the Kuala Lumpur High Court on 27 November 2018, and not 4 December 2018.
For the avoidance of doubt, HiRex is not a subsidiary or a major associated company of the Company, and this announcement is made on a voluntary disclosure basis for information purposes only.
This announcement is dated 7 December 2018.