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Bursa Announcements

Date : 08 June 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 "Tamaco" or "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 "Tamaco" or "Plaintiff") vs TH Plantations Berhad ("THP" or "the Company") (referred to as "Defendant")

We refer to our announcements dated 30 March 2021, 31 March 2021, 13 April 2021 and 5 May 2021 in relation to the Civil Suit.

 

Tamacoís application for interlocutory injunction (to injunct THP from terminating/giving effect to any automatic termination of the SPA) was heard on 3 June 2021. The Court had decided as follows:

 

i.    There was a serious issue to be tried as found from the facts of the case, in particular, the conduct of parties under the SPA from the time it was signed up to the final extension of the condition precedent, i.e. the EPU Approval;

 

ii.   Damages are not adequate as the assets of the two companies are the actual subject matter of the transaction that the parties entered into; and

 

iii.  Balance of convenience required status quo to be maintained.

 

 

THP is allowed to appeal against the Courtís decision within 30 days from 3 June 2021.

 

 

This announcement is dated 8 June 2021.

 

 






Announcement Info

Company Name TH PLANTATIONS BERHAD
Stock Name THPLANT
Date Announced 08 Jun 2021
Category General Announcement for PLC
Reference Number GA1-08062021-00074


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