DNEX

0.345

-0.005 (-1.4%)

MATERIAL LITIGATION Dagang NeXchange Berhad ("DNeX" or "Company") - Kuala Lumpur High Court Originating Summons No. WA-24NCC-441-10/2021: Nuraslina binti Zainal Abidin vs (1) Dagang Net Technologies Sdn. Bhd.; (2) DNeX; and (3) Genaxis Group Sdn. Bhd.

DAGANG NEXCHANGE BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
Dagang NeXchange Berhad ("DNeX" or "Company")
-	Kuala Lumpur High Court Originating Summons No. WA-24NCC-441-10/2021:
Nuraslina binti Zainal Abidin vs
(1) Dagang Net Technologies Sdn. Bhd.;
(2) DNeX; and 
(3) Genaxis Group Sdn. Bhd.

Pursuant to Paragraph 9.04(f) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of DNeX wishes to announce that the Company and its wholly-owned subsidiary, Dagang Net Technologies Sdn. Bhd. (“Dagang Net”) were informed by their solicitors, Messrs Azmi & Associates, on 8 October 2021 that the solicitors had received a sealed copy of the Originating Summons dated 6 October 2021 (“Legal Suit”) from Messrs. Bahari & Bahari, the solicitors who act on behalf of Puan Nuraslina binti Zainal Abidin (“Plaintiff”) and an affidavit in support of the Plaintiff dated 27 September 2021.

 

In the Legal Suit, the Plaintiff is seeking amongst others, the following reliefs:

 

1. A declaration that Dagang Net and DNeX have conducted the affairs of Genaxis Group Sdn. Bhd. (“Genaxis”) in a manner oppressive, prejudicial and in complete disregard to the interest of the Plaintiff as member of Genaxis;

 

2. A declaration that the Plaintiff is relieved of and is not liable to any profit guarantee given by the Plaintiff in the Shareholders Agreement in Genaxis;

 

3. An Order that Dagang Net purchase all the Plaintiff’s shares in Genaxis at a fair value to be determined by the Court or an independent valuer appointed by the Court.

 

The Case Management of the Legal Suit has been scheduled on 20 October 2021.

 

DNeX denies the allegations made by the Plaintiff and will be vigorously defending the claim and is seeking advice from its solicitors to that end.

 

At this juncture, the Company is unable to ascertain the financial impact to the Company pending the outcome of the Legal Suit. The Legal Suit is not expected to have any operational impact on the Company and its subsidiaries for the financial year ending 30 June 2022.

 

The Company will make further announcements from time to time in respect of any material development of Legal Suit.

 

This announcement is dated 11 October 2021.






Announcement Info

Company Name DAGANG NEXCHANGE BERHAD
Stock Name DNEX
Date Announced 11 Oct 2021
Category General Announcement for PLC
Reference Number GA1-11102021-00105