Protasco Berhad (“Protasco” / the “Company”) wishes to announce that it has today been served with a Writ of Summons by Kingdom Seekers Ventures Sdn Bhd (“Kingdom Seekers”) suing in a representative capacity for and on behalf of the Company and or for the benefit of the Company. Kingdom Seekers is suing Dato’ Sri Chong Ket Pen, Kenny Chong Ther Nen, Low Kian Seng, Edward Khoo Mong Wei, Lim Yew Ting and RS Maha Niaga Sdn Bhd. The Company is named as a Defendant by virtue of the representative claim. Kingdom Seekers is a company controlled by one of Protasco’s director, namely Mr Tey Por Yee and is a substantial shareholder of the Company. The Company had on 22^nd September 2014 commenced a suit against inter alia Mr Tey Por Yee for breach of his fiduciary and statutory duties.

Kingdom Seekers’ claims against Dato’ Sri Chong Ket Pen, Kenny Chong Ther Nen, Low Kian Seng, Edward Khoo Mong Wei, Lim Yew Ting, RS Maha Niaga Sdn Bhd is for the return of a sum of RM10 million to the Company and general damages purportedly suffered by the Company. 

In this regard, the Company has appointed a firm of solicitors to represent the Company and oppose the foregoing suit. The Company wish to state that the suit filed by Kingdom Seekers have no significant immediate adverse effect on the current financial position of Protasco.

This announcement dated 28 October 2014