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WZSATU

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MATERIAL LITIGATION WZ Satu Berhad - Writ of Summon and Amended Statement of Claim (High Court at Shah Alam Civil Suit No. BA-22NCVC-469-10/2019) Plaintiffs: Dato' William Tan Chee Keong and Mr. Choi Chee Ken Defendant: WZ Satu Berhad

WZ SATU BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
WZ Satu Berhad - Writ of Summon and Amended Statement of Claim (High Court at Shah Alam  Civil Suit No. BA-22NCVC-469-10/2019) 
Plaintiffs: Dato' William Tan Chee Keong and Mr. Choi Chee Ken 
Defendant: WZ Satu Berhad

The Board of Directors of WZ Satu Berhad (“WZ Satu” or “the Company”) wishes to announce that the Company has on 8 November 2019 received a Writ of Summon (“the Writ”) and Amended Statement of Claim, all dated 24 October 2019 from the Plaintiffs (“the Statement of Claim”) through its solicitor.

 

The said Writ and the Statement of Claim is in relation to the acquisition of WZS BinaRaya Sdn. Bhd. (formerly known as KenKeong Sdn. Bhd.), a wholly-owned subsidiary which was announced on 7 March 2014.

 

Pursuant to the Writ and the Amended Statement of Claim, the Plaintiffs are claiming the following:-

 

  1. Payment amounting to RM10,113,750.00 as the total loss of value of Security Shares to each Plaintiff;
  2. Payment amounting to RM2,022,750.00 as the total loss of value of Bonus Shares issued on 17 March 2016 to each Plaintiff;
  3. Payment amounting to RM3,940,875.00 as the total loss of value of Warrants Entitlement issued on 24 October 2014 to each Plaintiff;
  4. Payment amounting to RM790,500.00 as the total loss of value of Bonus Shares issued on 16 May 2018 to each Plaintiff;
  5. Payment amounting to RM174,375.00 as the total loss of value of Warrants Entitlement issued on 16 May 2018 to each Plaintiff;
  6. The continuing loss of value of Security Shares, Bonus Shares and Warrants from 24 October 2019 until the date of the Order (if any);
  7. Alternatively, the Defendant shall pay the Plaintiffs the damages to be assessed by the court for the loss of the value of the Security Shares, Bonus Shares and Warrants held by the Stakeholder as at the date of the Order;
  8. Interest at the rate of 5% per annum on the sums stated from items (1) to (6) above from the date of order until the date of full realisation;
  9. The costs of the action to be paid to the Plaintiffs on solicitor-client basis; and
  10. Such other relief as the Honorable Court deems proper and just.

 

The financial impact to WZ Satu Group shall be limited to the amount awarded by the Court in the event the Defendant loses the case. There shall be no impact on the Group’s operations.

 

WZ Satu is currently seeking professional legal opinion to defend the Writ and Amended Statement of Claim and will make further announcement on the developments in due course.

 

This announcement is dated 8 November 2019.






Announcement Info

Company Name WZ SATU BERHAD
Stock Name WZSATU
Date Announced 08 Nov 2019
Category General Announcement for PLC
Reference Number GA1-08112019-00095