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Bursa Announcements

Date : 07 December 2000

LITIGATION

MINPLY HOLDINGS (M) BERHAD

TypeReply to query
Reply to Query Letter by KLSE reference IDPY-001204-60600
SubjectLITIGATION

Contents :

1. The Claim is essentially against Mr. Ang Poon Aik (the 5th Defendant) by Mr. Toh Kit Chong @ Toh Kek Keong and Mr. Toh Khek Liang (the 1st and 2nd Plaintiffs).

2. Mr. Ang Poon Aik is a shareholder of Minply Holdings (M) Berhad (the 7th Defendant).

3. Mr. Toh Kit Chong @ Toh Kek Keong and Mr. Toh Khek Liang are shareholders of Recomation Sdn. Bhd. (the 6th Defendant) i.e. the holding company of Minply Holdings (M) Berhad.

4. The Claim against Mr. Ang Poon Aik by Mr. Toh Kit Chong @ Toh Kek Keong and Mr. Toh Khek Liang is about a private shareholders agreement i.e. an alleged Sale and Purchase Agreement involving exchange of Mr. Ang Poon Aik's shares in Minply Holdings (M) Berhad with the shares held by Mr. Toh Kit Chong @ Toh Kek Keong and Mr. Toh Khek Liang in Recomation Sdn. Bhd. i.e. the Holding Company of the listed vehicle Minply Holdings (M) Berhad.

5. The Claim as prayed for against Minply Holdings (M) Berhad is for alleged rectification of Share Registers of Minply Holdings (M) Berhad on account of alleged failure of Mr. Toh Kit Chong @ Toh Kek Keong and Mr. Toh Khek Liang's agreements with Mr. Ang Poon Aik.

6. Mr. Toh Kit Chong @ Toh Kek Keong and Mr. Toh Khek Liang's claim against Minply Holdings (M) Berhad on the face of the Writ is unsustainable i.e. no direct claim against Minply Holdings (M) Berhad.

7. Minply Holdings (M) Berhad intends to file their defence and seek to strike out the claim against themselves as there is no real cause of action and is apparently frivolous.

8. In light of the nature of the claim, Minply Holdings (M) Berhad stated that there is no ascertainable loss to Minply Holdings (M) Berhad.

9. With regard to the subsidiaries Minply Sdn. Bhd. and Camsco Electrical Switchgear Sdn. Bhd. (3rd and 4th Defendants) in view of the claims and to avoid conflict of interests there are separate solicitors acting for them.

10. The appropriate response should be via them and below are the statements by the subsidiaries in question through their solicitors on the issues raised :-

CAMSCO ELECTRICAL SWITCHGEAR SDN. BHD. (CES)

The purported claim against CES is for the rectification of the Share Registers of CES together with consequential orders on the reduction or modification of CES capital so as to restore the 1st and 2nd Plaintiffs' interest in the same as a result of the alleged non-performance of the agreement between the 1st and 2nd Plaintiff and the 5th Defendant.

We are of the opinion that on the face of the statement of claim under the Writ, we see no direct claim against CES and as such the same is unsustainable and frivolous. The claim is at best vague and ambigious in that it failed to provide full particularisation of the same.

CES is in the course of filing its defence to the said claim as the claim reveals no real cause of action.

On the premise, we also do not envisage any ascertainable loss for CES.

MINPLY SDN. BHD. (MSB)

The purported claim against MSB is for the rectification of the Share Registers of MSB together with consequential capital reduction of MSB as a result of the alleged non-performance of the agreement between the 1st and 2nd Plaintiff and the 5th Defendant.

We are of the opinion that on the face of the Statement of Claim in the Writ, we also see no direct claim against MSB and as such the same is unsustainable and frivolous.

MSB is in the course of filing its defence to the said claim as the claim is vague and ambigous with no real cause of action.

On the premise, we also do not envisage any ascertainable loss for MSB.

Query Letter Contents :

We refer to your Company's announcement dated 28 November 2000 in respect of
the aforesaid matter.
In this connection, kindly furnish the Exchange with the following additional
information for public release:-
Details of the suit against Minply Holdings (M) Bhd., Minply Sdn. Bhd. and
Camsco Electrical Switchgear Sdn. Bhd. and the claims/orders sought by the
plaintiffs against these companies.
The expected losses, if any. If no losses are expected, a statement to that
effect.
Kindly furnish the Exchange with your reply within two (2) market days from the
date hereof.
Yours faithfully


TAN YEW ENG
Senior Manager, Listing Operations
LPY/zm
copy to :- Securities Commission (via fax)



Announcement Info

Company NameMINPLY HOLDINGS (M) BERHAD  
Stock Name MINPLY    
Date Announced7 Dec 2000  
CategoryGeneral Announcement
Reference NoSS-001207-40153

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