KHEESAN

0.100

(%)

WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR ORDER UNDER SECTION 366 AND SECTION 368 OF THE COMPANIES ACT 2016

KHEE SAN BERHAD

Type Announcement
Subject WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR
Description
ORDER UNDER SECTION 366 AND SECTION 368 OF THE COMPANIES ACT 2016

The Board of Directors of Khee San Berhad (hereinafter referred to as “the Company”) wish to announce that on 23 September 2022, the High Court of Malaya in Kuala Lumpur has granted an Order under Section 366 and Section 368 of the Companies Act 2016 (hereinafter referred to as the “Act”) to the Company and its wholly-owned subsidiaries namely Khee San Food Industries Sdn Bhd, Khee San Marketing Sdn Bhd and Mega Global Confectionary Sdn Bhd for a Scheme of Arrangement and Restraining Order before the High Court of Malaya in Kuala Lumpur vide Kuala Lumpur High Court Originating Summons No.: WA-24NCC-884-09/2022.

 

The details of the Order are inter-alia, as follows:-

 

a. The Company to convene a Scheme Creditors’ Meeting(s) (hereinafter referred to as “the Creditors’ Meeting”) pursuant to Section 366 of the Act for the purpose of taking into consideration and if considered fit, to approve with or without any alteration or modification, a proposed scheme of arrangement and compromise between the Company and its Scheme Creditors within 180 days from the date the order i.e. 23 September 2022;

 

b. All proceedings or actions and/or any forthcoming proceedings or actions against the Company by any party including the Scheme Creditors including but not limited to the commencement of any proceedings or continuing with any winding-up proceedings; the taking of any action or proceeding, termination or proceeding, adjudication and/or arbitration in any way and/or under any form of guarantee or indemnity granted to or conferred by the Company; any enforcement, auction, foreclosure, detention, or any other form of execution of any judgment and/or order against the Company; or any distress that may be levied against the Company and/or its property, any execution of the rights or remedies or powers of appointment of any receiver and manager over the Company (including but not limited to the taking of any action or proceeding or continuing with the exercise of the rights or remedies under any debenture), repossession of any fixed or floating assets, plant, equipment or machinery under any charge, lease, hire purchase and/or any adjudication or arbitration proceedings, be restrained for a period of 90 days effective from the date of the sealed order or such other longer period determined by the Court subject to the terms as may be determined by the Court pursuant to Section 368 of the Act.

 

The Order was applied by the Company to formulate and finalize a proposed scheme of arrangement between the Company, its subsidiaries and its Scheme Creditors pursuant to Section 366 of the Act, to be put forward to the Scheme Creditors at a Creditors’ Meeting(s) to be convened. Full details of the proposed scheme of arrangement will be contained in an Explanatory Statement which will be issued to the scheme creditors in due course.

 

The Order shall restrain all further proceedings in any action or proceeding against the Company including and without derogating from the generality of the foregoing, winding up, execution and arbitration proceedings as well as any intended or future proceedings for a period of 90 days from the date of the Order being granted, i.e. from 23 September 2022.

 

The Order is not expected to have any material impact on the financial and operational matters of the Company and/or Khee San Group as the order is to solely facilitate the Company’s scheme of arrangement with its Scheme Creditors.

 

The Company will announce any further development on the above matter in due course.

 

This announcement is dated 23 September 2022.






Announcement Info

Company Name KHEE SAN BERHAD
Stock Name KHEESAN
Date Announced 23 Sep 2022
Category General Announcement for PLC
Reference Number GA1-23092022-00063