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Dolomite ordered to pay RM35m in summary judgment

TheEdge Fri, Feb 14, 2020 09:12pm - 1 week ago

KUALA LUMPUR (Feb 14): A subsidiary of loss-making Dolomite Corp Bhd has been instructed by the High Court here to pay RM35.46 million to Fadzilah & Fikri Sdn Bhd, after having failed to set aside a summary judgement application filed by the latter.

The amount due — which has yet to take into account a 5% annual interest from June 2018 and costs of RM10,000 that Dolomite was also ordered to pay — is bigger than the quarry operator turned property developer's current market capitalisation of RM31.34 million.

In a filing today, Dolomite said Fadzilah & Fikri filed the summary judgement application against its wholly-owned Dolomite Industries Co Sdn Bhd (DIO).

However, it did not state the reason behind the summary judgement application.

“The defendant (DIO) has instructed its solicitors to commence with an appeal against the High Court's decision to grant summary judgement against the defendant and to apply for stay of execution pending the appeal,” said Dolomite.

“Further announcement will be made of any material development or changes as and when appropriate,” it added.

Dolomite's shares closed unchanged at 10 sen apiece today, for a market capitalisation of RM31.34 million.

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