KUB

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MATERIAL LITIGATION KUB MALAYSIA BERHAD (KUBM) IN THE HIGH COURT OF MALAYA AT SHAH ALAM (NO. BA-28NCC-773-11/2019) BETWEEN MEDAN SEPADU SDN BHD (30% EQUITY INTEREST IN THE RESPONDENT), LEMBAGA AMANAH KEBAJIKAN KAUM MELANAU SARAWAK (10% EQUITY INTEREST IN THE RESPONDENT) (THE PETITIONERS) AND KUB SEPADU SDN BHD (FORMERLY KNOWN AS SASARAN BINTARA SDN BHD) ('THE RESPONDENT')

KUB MALAYSIA BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
KUB MALAYSIA BERHAD (KUBM)

IN THE HIGH COURT OF MALAYA AT SHAH ALAM (NO. BA-28NCC-773-11/2019) BETWEEN MEDAN SEPADU SDN BHD (30% EQUITY INTEREST IN THE RESPONDENT), LEMBAGA AMANAH KEBAJIKAN KAUM MELANAU SARAWAK (10% EQUITY INTEREST IN THE RESPONDENT) (THE PETITIONERS) AND KUB SEPADU SDN BHD (FORMERLY KNOWN AS SASARAN BINTARA SDN BHD) ('THE RESPONDENT')

The Board of Directors of KUBM wishes to announce that on 16 December 2019 the Respondent was served with a Petition dated 27 November 2019 pursuant to Section 465(1)(h) and/or Section 465(1)(f) of the Companies Act, 2016 and an Order dated 9 December 2019 for the appointment of Interim Liquidators, following an ex-parte Summons of the Petitioners in respect of the Respondent.

 

(collectively ‘the Matter’).

 

The circumstances leading to the filing of the Petition and the granting of the Order were due to disagreements between the Respondent’s shareholders relating to its business affairs.

 

The Petitioners collectively hold 40% equity interest in the Respondent.

 

KUB Agro Holdings Sdn Bhd (‘the Subsidiary’) holds 60% equity interest in the Respondent. The Subsidiary is 100% owned by KUB Ekuiti Sdn Bhd, which in turn is a wholly-owned subsidiary of KUBM. The Respondent is not a major subsidiary of KUBM and the total investment cost is RM5.7 million.

 

The Subsidiary is seeking the necessary legal advice on the Matter. The Board of Directors of KUBM (‘the Board’) is of the opinion that the Petition will not affect the management, operations and financial affairs of the Group. At this preliminary stage, the Board intends to contest this Matter and based on the legal advice, the Board is confident that the outcome will be in our favour.

 

The Board wishes to highlight that on 26 April 2019, one (1) of the Petitioners, Medan Sepadu Sdn Bhd was interested to buy the 60% equity interest in the Respondent and the Subsidiary had rejected the offer made by Medan Sepadu Sdn Bhd.

 

The Petition has been fixed for case management and hearing on 23 January 2020 and 4 March 2020 respectively. The Subsidiary is taking the necessary steps to challenge the Order and the Petition.

 

This announcement is dated 18 December 2019.






Announcement Info

Company Name KUB MALAYSIA BERHAD
Stock Name KUB
Date Announced 18 Dec 2019
Category General Announcement for PLC
Reference Number GA1-16122019-00061