OTHERS APPLICATION FOR JUDICIAL MANAGEMENT ORDER FOR TWO (2) SUBSIDIARIES OF EKA NOODLES BERHAD ("EKA" OR "THE COMPANY")
EKA NOODLES BERHAD |
Type | Announcement |
Subject | OTHERS |
Description | APPLICATION FOR JUDICIAL MANAGEMENT ORDER FOR TWO (2) SUBSIDIARIES OF EKA NOODLES BERHAD ("EKA" OR "THE COMPANY") |
The Board of Directors of EKA wishes to announce that its wholly-owned subsidiaries namely Kilang Bihun Bersatu Sdn Bhd (“KBBSB”) and Kilang Bihun Bersatu (East Malaysia) Sdn Bhd (“KBBEM”), (collectively, the “Affected Subsidiaries”) had on 28 February 2021 applied for Judicial Management Order (“JM Order”) pursuant to Sections 404, 405, 406, 407, 408, 410 and 411 of the Companies Act, 2016 with the High Court of Malaya at Alor Setar, Kedah.
The application for the JM Order immediately puts into effect a moratorium (“Moratorium”) for the period commencing with the application of the JM Order and ending with the grant or dismissal of the application, during which no resolution shall be passed or order shall be made for the winding-up of the Affected Companies. In addition, during this Moratorium, the leave of the High Court will be required:-
The rationale of the application is as follows:
The Moratorium is not envisaged to have any material financial and operational impact to EKA and its subsidiaries (“the Group”).
The Board of Directors of the Company is of the view that the application for JM Order for the Affected Subsidiaries is in the best interest of the Group.
Further development on the above matter will be announced to Bursa Malaysia Securities Berhad in due course.
This announcement is dated 01 March 2021. |
Announcement Info
Company Name | EKA NOODLES BERHAD |
Stock Name | EKA |
Date Announced | 01 Mar 2021 |
Category | General Announcement for PLC |
Reference Number | GA1-25022021-00093 |