TOPBLDS

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MATERIAL LITIGATION TOP BUILDERS CAPITAL BERHAD - WRIT AND STATEMENT OF CLAIM SERVED ON TOP BUILDERS CAPITAL BERHAD AND IKHMAS EQUIPMENT SDN. BHD. BY AMBANK (M) BERHAD

TOP BUILDERS CAPITAL BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
TOP BUILDERS CAPITAL BERHAD 
- WRIT AND STATEMENT OF CLAIM SERVED ON TOP BUILDERS CAPITAL BERHAD AND IKHMAS EQUIPMENT SDN. BHD. BY AMBANK (M) BERHAD

(1) Date of presentation of the Writ and Statement of Claim 

 

The Board of Directors of Top Builders Capital Berhad (“Top Builders” or “the Company”) wishes to announce that the Company and Ikhmas Equipment Sdn Bhd (“IESB”), an indirect wholly-owned subsidiary of the Company, had on 9 May 2022 been served a Writ and Statement of Claim both dated 29 April 2022 by Messrs Gan Partnership, the solicitors of AmBank (M) Berhad (“AmBank” or “the Plaintiff”). 

 

(2) Details of the default or circumstances leading to the receipt of the Writ and Statement of Claim 

 

The circumstances leading to the filing of the Writ and Statement of Claim was due to the fact that IESB has failed or defaulted in payment for the Hire Purchase Agreements (“Agreements”) entered between IESB and the Plaintiff.

 

And that the Company, being the Corporate Guarantor for IESB for the above Agreements, has also failed or defaulted in payment for the guarantee amount due under the Agreements to the Plaintiff. 

 

(3) The particulars of the claim under the Writ and Statement of Claim, including the amount claimed for and the interest rate

 

The Plaintiff claims the following from the Company and IESB jointly and separately:

 

a) For Hire Purchase Agreement executed by IESB on 23 March 2018 and accepted by the Plaintiff on 12 April 2018 (“HPA 1”)

 

The total amount of RM862,805.79 as at 31 March 2022 and the interest at the rate of 6.82% per annum on the principal outstanding sum of RM769,755.73 calculated from 1 April 2022 until the date of full and final settlement under HPA 1;

 

b) For Hire Purchase Agreement executed by IESB on 23 March 2018 and accepted by the Plaintiff on 24 April 2018 (“HPA 2”)

 

The total amount of RM3,403,699.85 as at 31 March 2022 and the interest at the rate of 6.82% per annum on the principal outstanding sum of RM3,074,386.68 calculated from 1 April 2022 until the date of full and final settlement under HPA 2;

 

c) Costs; and 

 

d) Any other and further order and/or reliefs as the Honorable Court considers just and reasonable.  

 

(4) Confirmation as whether IESB is a major subsidiary

 

IESB is a major subsidiary of the Company.

 

(5) Cost of investment in IESB 

 

The total cost of investment in IESB is amounting to RM3,179,998.00.

 

(6) The financial and operational impact of the Writ and Statement of Claim on the Group

 

The Writ and Statement of Claim will not have any additional financial and operational impact on the Group as the Company will urgently initiate a meeting with AmBank to discuss and resolve this matter.

 

(7) The expected loss, if any, arising from the Writ and Statement of Claim

 

The Company is not expected to incur any further loss arising from the Writ and Statement of Claim.

 

(8) Steps taken and proposed to be taken in respect of the Writ and Statement of Claim

 

The Company and IESB are seeking the necessary legal advice to resolve and/ or defend against this matter. At the same time, the Company will urgently initiate a meeting with AmBank to discuss and resolve the outstanding sums amicably.

 

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

 

This announcement is dated 9 May 2022.






Announcement Info

Company Name TOP BUILDERS CAPITAL BERHAD
Stock Name TOPBLDS
Date Announced 09 May 2022
Category General Announcement for PLC
Reference Number GA1-09052022-00057