MATERIAL LITIGATION 1) Shah Alam Session Court Suit No. BA-B52NCVC-275-07/2019 2) Shah Alam High Court Suit No. BA-12ANCVC-192-11/2019 Kejuruteraan Powerwell Sdn. Bhd. (referred as Plaintif) vs PLE Engineering & Construction Sdn. Bhd. and Paul Chong Jia Wei (as guarantor) (collectively referred as Defendants)
| POWERWELL HOLDINGS BERHAD |
| Type | Announcement |
| Subject | MATERIAL LITIGATION |
| Description | 1) Shah Alam Session Court Suit No. BA-B52NCVC-275-07/2019 2) Shah Alam High Court Suit No. BA-12ANCVC-192-11/2019 Kejuruteraan Powerwell Sdn. Bhd. (referred as Plaintif) vs PLE Engineering & Construction Sdn. Bhd. and Paul Chong Jia Wei (as guarantor) (collectively referred as Defendants) |
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Unless otherwise defined, all defined terms used in this announcement shall have the same meaning as defined in the Prospectus of the Company dated 2 January 2020 (“Prospectus”). Reference is made to the disclosure contained in Section 12.6(i) of the Prospectus pertaining to the material litigation involving the Powerwell Group wherein the Defendants have filed a notice of appeal against the Summary Judgement obtained by Kejuruteraan Powerwell on 22 November 2019. The Board of Directors of the Company wishes to announce that the Defendants have orally withdrawn the Appeal with no order as to cost and with liberty to file afresh during the case management held on 7 January 2020. By a letter dated 8 January 2020, Kejuruteraan Powerwell has accepted the agreed sum of RM711,125.75 offered by the Defendants as full and final settlement of the Summary Judgment to be paid by way of monthly instalments of RM50,000.00 each by the Defendants to Kejuruteraan Powerwell at the end of each month commencing from 31 December 2019. This announcement is dated 8 January 2020. |
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Announcement Info
| Company Name | POWERWELL HOLDINGS BERHAD |
| Stock Name | PWRWELL |
| Date Announced | 08 Jan 2020 |
| Category | General Announcement for PLC |
| Reference Number | GA1-07012020-00015 |