JIN LIN WOOD INDUSTRIES BERHAD ("JLWIB") - WINDING UP PETITION ON JIN LIN TRADING SDN BHD ('JLT')
| JIN LIN WOOD INDUSTRIES BERHAD |
|
Type | Reply to query |
| Reply to Query Letter by KLSE reference ID | NS-050207-56897 |
| Subject | JIN LIN WOOD INDUSTRIES BERHAD ("JLWIB") - WINDING UP PETITION ON JIN LIN TRADING SDN BHD ('JLT') |
Contents :
In response to Bursa Malaysia Berhad's letter dated 7 February 2005 with regard to the announcement made by JLWIB dated 4 February 2005 on the captioned subject matter, JLWIB wishes to inform the following:-
Currently the JLWIB Group has been granted a further extension of Restraining Order ('RO') pursuant to Section 176 of the Companies Act 1965 on 4 January 2005 for a further period of 120 days until 28 March 2005. The RO obtained, unless set aside by a Court Order will restrain Alwayield Sdn Bhd from prosecuting the winding-up Petition further up till the expiry of the RO on 28 March 2005 or such further extensions of time granted by the High Court.
WINDING UP PETITION 28-1-2005 (BTU)
ALWAYIELD SDN BHD AGAINST JIN LIN TRADING SDN BHD
The winding up petition was presented and received by JLT on 31 January 2005. The total cost of investment by JLWIB on JLT amounts to RM20,540,450.00.
Alwayield Sdn Bhd (“Alwayield”) is a trade creditor of JLT who has supplied timber to JLT on credit terms. On 2 December 2004, JLT was served with a notice pursuant to Section 218 of the Companies Act, 1965 claiming the sum of RM2,013,484.75 being the outstanding amount owing to Alwayield as at 30 November 2004. On 31 January 2005, JLT was served with a Petition for the winding-up of JLT vide Sabah and Sarawak High Court Petition No. 28-1-2005. The Petition is fixed for hearing on 15 July 2005.
There are neither operational nor financial impacts nor expected losses from the winding-up petition between Alwayield and JLT as the claimed amount - RM 2,013,484.75, has been provided for in the accounts of the company.
JLWIB is currently conducting a Proposed Restructuring (“PRS”) exercise to resolve the financial matters of the Group and as announced on 30 June 2004, the PRS has been submitted to the Securities Commission (“SC”) and SC on behalf of the Foreign Investment Committee for consideration and approval.
At the present time, JLWIB and JLT has approached their lawyers for consultation and legal advice on this matter and at the same time the Management is in further discussions with the Plaintiff to resolve this matter.
This announcement is dated 8 February 2005.
Query Letter Contents :
We refer to the your Company's announcement dated 4 February 2005 in respect of
the aforesaid matter.
In this connection, kindly furnish the Securities Exchange immediately with the
following information for public release:
The date of presentation of the petition.
2. The total cost of investment in JLT by Jin Lin Wood Industries Berhad.
3. The details of the default or circumstances leading to the filing of the
winding-up petition.
4. The operational and financial impact on the Group, if any, arising from
the aforesaid petition.
5. The expected losses, if any, arising from the aforesaid petition.
6. The steps that your Company/JLT has taken and will take with regards to
the winding-up petition.
Please note that the contents of the announcement must be endorsed by the board
of directors of the Company.
Yours faithfully
TAN YEW ENG
Sector Head
Issues & Listing
Group Regulations
NMA
Copy to : Securities Commission (via fax)
Announcement Info
| Company Name | JIN LIN WOOD INDUSTRIES BERHAD |
| Stock Name | JINLIN |
| Date Announced | 8 Feb 2005 |
| Category | General Announcement |
| Reference No | C&-050208-9D584 |