MATERIAL LITIGATION 1) A NOTICE OF INTENTION RECEIVED FROM HONSIN APPAREL SDN BHD AND HIQ MEDIA (MALAYSIA) SDN BHD DATED 18 APRIL 2023 TO MOVE RESOLUTIONS REQUIRING SPECIAL NOTICE PURSUANT TO SECTIONS 206(3) AND 322 OF THE COMPANIES ACT 2016 (NOTICE OF INTENTION) 2) REQUEST FOR RECORD OF DEPOSITORS DATED 26 APRIL 2023 AND 17 MAY 2023 3) ORIGINATING SUMMONS NO: WA-24NCC-269-05/2023 4) CIVIL APPEAL NO. W-02 (NCC)(A)-1617-10/2023 5) WRIT NO. WA-22NCC-879-12/2023 6) ORIGINATING SUMMONS NO: JA-24NCC-12-03/2024
| SOUTH MALAYSIA INDUSTRIES BERHAD |
| Type | Announcement |
| Subject | MATERIAL LITIGATION |
| Description | 1) A NOTICE OF INTENTION RECEIVED FROM HONSIN APPAREL SDN BHD AND HIQ MEDIA (MALAYSIA) SDN BHD DATED 18 APRIL 2023 TO MOVE RESOLUTIONS REQUIRING SPECIAL NOTICE PURSUANT TO SECTIONS 206(3) AND 322 OF THE COMPANIES ACT 2016 (NOTICE OF INTENTION) 2) REQUEST FOR RECORD OF DEPOSITORS DATED 26 APRIL 2023 AND 17 MAY 2023 3) ORIGINATING SUMMONS NO: WA-24NCC-269-05/2023 4) CIVIL APPEAL NO. W-02 (NCC)(A)-1617-10/2023 5) WRIT NO. WA-22NCC-879-12/2023 6) ORIGINATING SUMMONS NO: JA-24NCC-12-03/2024 |
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We refer to the Company's announcement dated 26 March 2024, whereby the Company had announced that there is a notice of application for an interlocutory injunction (“NOA”), seeking to adjourn the 52nd Annual General Meeting of the Company (“52nd AGM”) which was fixed for hearing at 9am on 27 March 2024, and which the Court has adjourned the hearing to 3 April 2024 per the Company’s announcement dated 27 March 2024.
Together with the NOA, an Originating Summon No: JA-24NCC-12-03/2024 (“OS”) was also served, seeking the following orders: 1. the Company to circulate the candidate nomination notice provided by Honsin Apparel Sdn Bhd ("the Plaintiff") on 8 March 2024 to the registered shareholders of the Company in accordance with the Company’s Constitution and the Main Market Listing Requirements of Bursa Malaysia Securities Berhad; and 2. the Company to take all necessary steps to propose the resolutions proposed by the Plaintiff in the Plaintiff's letter dated 8 March 2024 at the 52nd AGM scheduled to be held on 27 March 2024 or at any adjournment thereof.
The case management has been fixed on 13 May 2024 at 9am.
In any event, during the 52nd AGM which was held on 27 March 2024, the Chairman of the meeting had specifically invited Honsin Apparel Sdn Bhd or any other shareholders to propose any motion on their request for an adjournment of the 52nd AGM. Honsin Apparel Sdn Bhd’s corporate representative in the 52nd AGM then proposed to adjourn the 52nd AGM arising out of the OS (“Adjournment”).
Thereafter, the Chairman asked Honsin Apparel Sdn Bhd whether they require the vote for the Adjournment to be done by poll, to which Honsin Apparel Sdn Bhd confirmed they require a vote by poll.
This proposed motion was put to vote pursuant to the Constitution of the Company and the shareholders had voted against the Adjournment, which was also announced by the Company on 27 March 2024. As such, the 52nd AGM thereafter concluded and closed on 27 March 2024.
Today, the Company’s solicitors has received a letter from the solicitors of Honsin Apparel Sdn Bhd, stating to the Court that they intend to withdraw the NOA.
As such, the Company believes that the matters as set out in both the NOA and the OS as mentioned above are now academic as the 52nd AGM had already concluded and closed on 27 March 2024.
This announcement is dated 1 April 2024.
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Announcement Info
| Company Name | SOUTH MALAYSIA INDUSTRIES BERHAD |
| Stock Name | SMI |
| Date Announced | 01 Apr 2024 |
| Category | General Announcement for PLC |
| Reference Number | GA1-01042024-00120 |