The Board of Directors of NWP Holdings Berhad (“NWP” or “the Company”) wishes to announce that the Company, had on 26 January 2021 and 8 February 2021 received 2 separate Summons (“Summons”) from Suruhanjaya Syarikat Malaysia (“SSM”) both dated 11 January 2021. Pursuant to the Summons, SSM has charged NWP for failure to obtain its shareholders’ approval at the annual general meeting for the directors’ fees paid for the financial year ended 31 August 2017 and 31 August 2018. Thus, NWP is deemed to be in breach of Section 230(1)(b) of the Companies Act, 2016 (“the Act”) and shall, on conviction, be liable to a fine not exceeding RM3.0 million for each charge and any payment that is paid without shareholders’ approval is a debt by the director to the Company.

The Summons will not have any additional financial and operational impact on the Group. 

The Company is not expected to incur any further loss arising from the Summons.

The Company has appointed Messrs Amerbon as their legal representatives for the above case. During the Case Management held on 8 February 2021, the Company has pleaded not guilty to the above charges. Thereafter, the Sessions Court Judge had fixed 1 March 2020 for mention and for the prosecution to provide the Company with documents under Section 51A of the Criminal Procedure Code.

Further announcement(s) to Bursa Malaysia Securities Berhad on any material development on the above will be made in due course.

This announcement is dated 10 February 2021.