CORPORATE INFORMATION
FINANCIAL INFORMATION
INVEST IN US
NEWS & EVENTS
 

Bursa Announcements

Date : 30 March 2021

MATERIAL LITIGATION Kuala Lumpur High Court Writ of Summons dated 29 March 2021 No. WA-22NCC-144-03-2021 - Tamaco Plantation Sdn. Bhd. (Company No. 45922-D) (referred to as "Plaintiff") vs TH Plantations Berhad ("THP" or "the Company") (referred to as "Defendant")

TH PLANTATIONS BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
Kuala Lumpur High Court Writ of Summons dated 29 March 2021 No. WA-22NCC-144-03-2021 - Tamaco Plantation Sdn. Bhd. (Company No. 45922-D) (referred to as "Plaintiff") vs TH Plantations Berhad ("THP" or "the Company") (referred to as "Defendant")

 

THP wishes to announce that the Company on 30 March 2021 has been served with a sealed copy of a Writ of Summons dated 29 March 2021 from the Plaintiff.

 

The brief facts of the case are as follows:

 

On 5 December 2019, THP had entered into a Share Purchase Agreement with the Plaintiff to dispose its entire equity interests in Bumi Suria Ventures Sdn. Bhd. and Maju Warisanmas Sdn. Bhd. (“SPA”). On 24 November 2020, the last conditions precedent to be fulfilled i.e. Economic Planning Unit of the Prime Minister’s Office (“EPU”) approval was obtained. However, on 4 December 2020, the said EPU approval was withdrawn by EPU.

 

The Long Stop Date of the SPA to satisfy the conditions precedent expires on 31 March 2021. The Plaintiff has requested for a further extension of the Long Stop Date. However, THP has decided not to extend the Long Stop Date.

 

Consequent thereto, the Plaintiff has initiated a Writ of Summons against THP.

 

The relief sought under the Writ of Summons, amongst others, are as follows:-

 

a.     A declaration that the Plaintiff and the Defendant are entitled to continue to complete the SPA;

 

b.     A declaration that the time to complete the SPA and/or long-stop date is independent (at large);

 

c.     A declaration that the Defendant was estopped by its own conduct to terminate the SPA;

 

d.     A permanent injunction order be granted to the Plaintiff against the Defendant to prohibit the Defendant from terminating the SPA;

 

e.     A specific performance order be given to the Plaintiff against the Defendant to perform the SPA; and

 

f.      General, exemplary and aggravated damages.

 

 

The ex-parte Notice of Application has been required by the Court to be heard inter parte on 31 March 2021. This application seeks an interlocutory injunction to restrain the Company from terminating the SPA whilst awaiting the determination of the Writ of Summons.

 

The Company is in consultation with its solicitors and will make the necessary announcement as and when there are further developments in relation thereto.

 

This announcement is dated 30 March 2021.






Announcement Info

Company Name TH PLANTATIONS BERHAD
Stock Name THPLANT
Date Announced 30 Mar 2021
Category General Announcement for PLC
Reference Number GA1-30032021-00110


Back

 
 
FINANCIAL INFORMATION
Quarterly Results
Annual Reports
Financial Highlights
Financial Statements
Factsheet Ratios
Quarterly Highlights
INVEST IN US
Interactive Stock Chart
Analyst Coverage
Investment Calculator
Glossary
IR Contact
Email Alerts
NEWS & EVENTS
Bursa Announcements
THP in the Media
Media Releases
JOIN US
CONTACT US
Copyright © 2021 TH Plantations Berhad (12696-M) | All rights reserved | Disclaimer
DESIGNED BY :