1)        DATE OF PRESENTATION OF THE WINDING-UP PETITION

Pursuant to Paragraph 9.19(19) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”), the Board of Directors of Jerasia wishes to announce the Company had on 31 January 2023 been served with a winding-up petition (“Petition”) by Messrs. Shook Lin & Bok acting for Ambank (M) Berhad (“Ambank” or “Petitioner”).

2)        THE PARTICULARS OF THE CLAIM UNDER THE WINDING-UP PETITION, INCLUDING THE AMOUNT CLAIMED FOR AND THE INTEREST RATE

The Company was indebted to the Petitioner in the sum of RM28,952,482.09 as at 25 November 2022 being the amount due under the Judgment dated 1 November 2022 and Certificate of Allocatur dated 7 November 2022 obtained against the Company at the High Court of Malaya at Kuala Lumpur vide Suit No. WA-22NCC-44-01/2022. The Petitioner’s prays as follows:

a)           that the Company be wound up by the Court under the provisions of the Companies Act, 2016;

b)           that the Official Receiver of Malaysia may be appointed as the Official Liquidator of the Company;

c)           that the costs of the Petition be paid out of the assets of the Company; and

d)           that such other Oder may be made in the premises as shall be just.

3)        CONFIRMATION AS TO WHETHER THE COMPANY IS A MAJOR SUBSIDIARY

The Company is a public listed company listed in the Main Market of Bursa Malaysia Securities Berhad.

4)        THE FINANCIAL AND OPERATIONAL IMPACT OF THE WINDING-UP PETITION

There is no operational impact on the Group. The Company is not expected to incur further losses arising from the winding-up petition save for legal fees and disbursements involved to challenge and oppose the winding-up petition.

5)        THE EXPECTED LOSSES, IF ANY, ARISING FROM THE WINDING-UP PETITION

The Company is not expected to have any further loss arising from the winding-up petition.

6)        STEPS TAKEN AND PROPOSED TO BE TAKEN IN RESPECT OF THE WINDING-UP PETITION

The Court has fixed the case management and hearing on 14 March 2023 and 30 August 2023 respectively.

The Company is seeking the necessary legal advice to resolve and/or defense against this matter.

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

This announcement is dated 31 January 2023.