KUB

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MATERIAL LITIGATION KUB MALAYSIA BERHAD (KUBM) IN THE HIGH COURT OF MALAYA AT SHAH ALAM (COMPANIES WINDING UP) 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 BITARA 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 (COMPANIES WINDING UP) 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 BITARA SDN BHD) (THE RESPONDENT)

(Unless otherwise stated, all abbreviations and definitions used in this announcement shall have the same meaning as those defined in the announcement dated 18 December 2019).

 

Further to our announcement dated 18 December 2019 with regards to the Order dated 9 December 2019 for the appointment of Interim Liquidators by the Petitioners, the Board of Directors of KUBM (the ‘Board’) wishes to announce that on 20 December 2019, the Subsidiary (as Opposing Contributory) obtained an Interim Stay against the Order obtained by the Petitioners dated 9 December 2019 until the Subsidiary’s application to set aside the Order dated 9 December 2019 is heard and disposed of.

 

The Court also ordered that a sum of RM1.8 million be paid into a joint stakeholder account. This amount is the consideration for the disposal of a plot of sixty (60) hectare land under a Sale and Purchase Agreement (‘SPA’) entered by the Respondent on 22 July 2019. Announcements on the SPA were made on 23 July 2019, 22 October 2019 and 22 November 2019.

 

The case management is fixed before the Senior Assistant Registrar on 23 January 2020.

 

The sealed Order for the Interim Stay dated 20 December 2019 was issued by the Court and served on the Petitioners’ Solicitors on 30 December 2019.

 

With the grant of the Interim Stay, the Board wishes to highlight that the Respondent will carry on its affairs as usual.

 

This announcement is dated 30 December 2019.






Announcement Info

Company Name KUB MALAYSIA BERHAD
Stock Name KUB
Date Announced 30 Dec 2019
Category General Announcement for PLC
Reference Number GA1-30122019-00049