The Board of Directors of GIIB (“GIIB Board”) wishes to announce that GIIB Development Sdn. Bhd. (“GDSB”), a wholly-owned subsidiary company of GIIB, had on 15 September 2022 been served with a winding-up petition in the High Court of Sabah and Sarawak at Kota Kinabalu by Khoo Soo Beng and Choo Li Fang (collectively referred to as “the Petitioners”) (“the Petition”).

The Petitioners in the Petition sought the following:-

(1)       That GDSB be wound-up by the court under the provisions of the Companies Act 2016;

(2)       That the Official Receiver Malaysia, Kota Kinabalu be appointed as the Liquidator of GDSB;

(3)       That the Petitioners be granted a period of 60 days from the date of the pronouncement of the winding-up order to gazette and advertise a notice of the order;

(4)       That the costs of the Petition be paid out of the assets of GDSB; and

(5)       such other order may be made in the premises as shall be just.                  

Apart from the judgement debt which may be awarded against GDSB and the corresponding legal costs, there is no material financial and operational impact arising from the Petition.

GIIB Board is currently reviewing the relevant cause papers and shall engage solicitors.

The Company will make the necessary announcements on further developments of the above matter as and when necessary.

This announcement is dated 15 September 2022.