MATERIAL LITIGATION
| CENTURY LOGISTICS HOLDINGS BERHAD |
| Type | Reply to query | |||
| Reply to Bursa Malaysia's Query Letter - Reference ID | CY-140227-54423 | |||
| Subject | MATERIAL LITIGATION | |||
| Description | CENTURY LOGISTICS HOLDINGS BERHAD ("CENTURY" OR " THE COMPANY") - CLAIM MADE BY SCA HYGIENE MALAYSIA SDN. BHD. AGAINST CENTURY TOTAL LOGISTICS SDN. BHD., A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY | |||
| Query Letter Contents | We refer to your Company's announcement dated 26 February 2014 in respect of the aforesaid matter. In this connection, kindly furnish Bursa Securities with the following additional information for public release:- (1) Details of the circumstances leading to the filing of the writ of summons and statement of claim against CTLSB. (2) If available, interest rate for the amount claimed. (3) Whether CTLSB is a major subsidiary of your Company. (4) The total cost of investment in CTLSB. (5) The financial and operational impact on the Group. Please furnish Bursa Securities with your reply via an announcement within one (1) market day from the date hereof. Yours faithfully SUZALINA HARUN Vice President, Issuers Listing Division Regulation /WCY Copy to:- General Manager & Head, Market Surveillance Department, Market Oversight Division, Securities Commission (via fax) | |||
Reference is made to CENTURY’s announcement dated 26 February 2014 and Bursa Malaysia Securities Berhad’s letter dated 27 February 2014 pertaining to the above matter. The Board of Directors of CENTURY wishes to furnish the following additional information in respect of the abovementioned matter:- (1) In March 2012, the parties had commenced negotiation relating to the provision of warehousing and/or logistics services by CTLSB to SCA (“Services”). Thereafter, the parties have executed a letter of offer (“LO”) relating to the Services to record the terms upon which the parties have agreed as a basis for negotiation of a contract. SCA purports that the LO constitutes a binding contract and hence the commencement of the suit by SCA against CTLSB. (2) The payment of interest on the damages of RM5,745,600.00 and damages for other loss and damages as assessed by the High Court is at the rate of 5% per annum from the date of the judgment until the date of the full and final settlement. (3) CTLSB is a major subsidiary of the Company. (4) The total cost of investment of the Company in CTLSB is RM300,000. (5) Due to the preliminary nature of the suit, we do not currently have sufficient information to estimate the financial impact (if any) and we do not foresee any operational impact to our Group. This announcement is dated 28 February 2014. | ||||
Announcement Info
| Company Name | CENTURY LOGISTICS HOLDINGS BERHAD |
| Stock Name | CENTURY |
| Date Announced | 28 Feb 2014 |
| Category | General Announcement |
| Reference No | CS-140228-30BE8 |
