Winding-Up Petition
| MECHMAR CORPORATION (MALAYSIA) BERHAD |
| Type | Reply to query |
| Reply to Query Letter by KLSE reference ID | ZO-000826-35721 |
| Subject | Winding-Up Petition |
Contents :
1. Mechmar Harrick Sdn Bhd (MH) has on 10 March 1999 entered into a consent judgement with Bonus Point Investment Ltd (Bonus Point), a company registered in Hong Kong with a last known paid-up capital of HK$10,000/- and 3 other parties to settle a claim of RM3.8 million which is for the supply of machinery and equipment to MH.
- As at to-date, a sum of RM1.75 million was paid by MH leaving a balance of RM2.05 million. MH has recently requested for a revised schedule for repayment of this balance claim. Bonus Point subsequently served a winding-up petition on the Company claiming that we are a party to the consent judgement. The Company contends among others that it is not a party to that consent judgement at all and is not bound to pay any sums thereunder to any party whatsoever. The Company has already filed in an application to obtain a declaration to that effect prior to the date of the Winding-up Petition. The application has been fixed for mention on 15 November 2000.
3. There are no expected losses for the Company.
4. The equity interest held by the Company in MH is 15%. MH has a paid-up capital of RM200,000/-.
5. The Company has not given any corporate guarantee to MH.
Query Letter Contents :
We refer to your announcement dated 25 August 2000, in respect of the aforesaid
matter.
In this connection, kindly furnish the Exchange immediately with the following
information for public release:-
The details of the default or circumstances leading to the filing of the
winding-up petition.
The operational and financial impact on the Group, if any, arising from the
aforesaid petition.
The expected losses, if any.
The equity interest held by Mechmar Corporation (Malaysia) Berhad ("Mechmar")
in Mechmar Harrick Sdn Bhd.
Whether any corporate guarantee has been given by Mechmar to Mechmar Harrick
Sdn Bhd.
Yours faithfully
KUALA LUMPUR STOCK EXCHANGE
LISA LAM
Senior Manager, Listing Operations
KLL/TYH/ZOOS
Announcement Info
| Company Name | MECHMAR CORPORATION (MALAYSIA) BERHAD |
| Stock Name | MECHMAR |
| Date Announced | 28 Aug 2000 |
| Category | General Announcement |
| Reference No | MC-000828-59006 |