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BURSA ANNOUNCEMENTS

Date: 12 March 2018

WRIT OF SUMMONS AND STATEMENT OF CLAIM SUIT NO. BA-22NCvC-98-03/2018 AND SUIT NO. BA-22NCvC-99-03/2018 (Summons)


Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-09032018-00001
Subject WRIT OF SUMMONS AND STATEMENT OF CLAIM SUIT NO. BA-22NCvC-98-03/2018 AND SUIT NO. BA-22NCvC-99-03/2018 (Summons)
Description TALIWORKS CORPORATION BERHAD ("TCB" OR "THE COMPANY") - WRIT OF SUMMONS AND STATEMENT OF CLAIM SUIT NO. BA-22NCvC-98-03/2018 ("Suit 1") AND SUIT NO. BA-22NCvC-99-03/2018 ("Suit 2")
Query Letter Contents

We refer to your Company's announcement dated 7 March 2018 in respect of the aforesaid matter.

In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

1.         Whether Sungai Harmoni Sdn Bhd is a major subsidiary of TCB.

2.         The operational impact of the Summons on TCB group.

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

Yours faithfully

TAN YEW ENG
Vice President, Issuers
Listing, Regulation

TYE/NMA

Cc : Market Surveillance Dept., Securities Commission (via fax)

Reference is made to Bursa Malaysia Securities Berhad's ("Bursa Securities") letter dated 9 March 2018 pertaining to the above matter.

The Board of Directors of Taliworks Corporation Berhad ("Board") wishes to furnish the following details as requested in Bursa Securities' letter: -

1.  Whether Sungai Harmoni Sdn Bhd is a major subsidiary of Taliworks Corporation Berhad ("TCB").

 

Under paragraph 1.01 of the Main Market Listing Requirements, a subsidiary is defined to be a "major subsidiary" if it contributes 70% or more of the profit before tax or total assets employed of the listed issuer on a consolidated basis.

 

Based on the latest audited financial statements of TCB as at 31 December 2016, Sungai Harmoni Sdn Bhd ("Sungai Harmoni") does not contribute 70% or more of the profit before tax of the TCB Group or total assets employed of the TCB Group.

 

 2. The operational impact of the Summons on TCB group.

 

The Board does not expect any operational impact on the TCB Group arising from the Summonses. Sungai Harmoni has taken steps to defend the Summonses and in the event that the outcome of the same is not favourable, Sungai Harmoni will only be required to satisfy any judgement given by payment of monies.

 

The announcement is dated 12 March 2018.




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