Bursa Announcements

Date : 05 September 2013

WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR SUNWAY BERHAD (“SUNWAY”) - WINDING UP PETITION AGAINST SUNWAY PMI-PILE CONSTRUCTION SDN BHD

SUNWAY BERHAD

TypeAnnouncement
SubjectWINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR
DescriptionSUNWAY BERHAD (“SUNWAY”)
- WINDING UP PETITION AGAINST SUNWAY PMI-PILE CONSTRUCTION SDN BHD
We wish to inform that Sunway PMI-Pile Construction Sdn Bhd (“SPMI”) a subsidiary of Sunway Construction Sdn Bhd, which in turn is a wholly-owned subsidiary of Sunway Holdings Sdn Bhd, in turn is a wholly-owned subsidiary of Sunway was served a winding up petition. The details are as follows:-
(a) Yvette J. Gonzales, a trustee (“the Trustee”) for James W. Franklin (“the Deceased”) served a winding up petition on SPMI on 5 September 2013. The said petition was presented on 3 September 2013 to the High Court of Kuala Lumpur.

(b) The amount of claim under the said petition is USD2,186,100.49 together with interest at the rate of 4% per annum on the said sum from the date or order until the final settlement.

(c) The details of the circumstances leading to the filing of the petition are as follows:-
      (i) SPMI had on 3 December 1996 entered into a formal License Agreement with the Deceased amongst others, to purchase machinery and equipment.

      (ii) The Deceased had commenced his actions against SPMI by way of arbitration at the Singapore International Arbitration Centre and at the conclusion of the arbitration, an award in favour of the Deceased had been issued.

      (iii) The Trustee had registered the arbitration award in the Kuala Lumpur High Court.

      (iv) The solicitors for the Trustee had issued a Notice pursuant to Section 218 of the Companies Act, 1965 to SPMI on 22 October 2012 demanding a sum of USD2,186,100.49 in respect of the judgement sum dated 14 August 2012.
(d) SPMI is not a major subsidiary of Sunway. SPMI has a paid-up share capital of RM26,193,040.00.

(e) The total cost of investment in SPMI is RM1.00.

(f) There is no financial nor operational impact on Sunway Group arising from the winding up proceedings as SPMI is dormant.

(g) There is no further financial loss to SPMI except the related legal fees.

(h) The winding-up proceedings shall take its course as SPMI does not intend to take any step in respect of the winding-up proceedings.

This announcement is dated 5 September 2013.


Announcement Info

Company NameSUNWAY BERHAD  
Stock Name SUNWAY    
Date Announced5 Sept 2013  
CategoryGeneral Announcement
Reference NoSS-130905-380B9

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