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Reply to query |
| Reply to Bursa Malaysia's Query Letter - Reference ID |
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ML-091111-53593 |
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ADVANCE SYNERGY BERHAD ("ASB" or "Company")
ORIGINATING SUMMONS NO. D-24NCC-72-2009 SERVED ON ADVANCE SYNERGY CAPITAL BERHAD ("ASCAP"), A 93.37%-OWNED SUBSIDIARY OF ASB ("Originating Summons") |
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We refer to the letter from Bursa Malaysia Securities Berhad ("Bursa Securities") dated 11 November 2009 (Ref: ML-091111-53593) requesting the Company to furnish to Bursa Securities the following information for public release in relation to the Company’s announcement dated 10 November 2009.
1) The date and details of Originating Summons
The Originating Summons is dated 3 November 2009. The Originating Summons was issued on the application of ACE INA International Holdings Ltd ("ACE INA") (as "Plaintiff") and served on ASCAP (as "Defendant") on 9 November 2009.
2) Full details of declaratory reliefs sought for by ACE INA in relation to the Call Option
By this Originating Summons, ACE INA is claiming against ASCAP amongst others the following:-
a) Orders for ASCAP to give its written consent and/or provide any requested documents and/or information to Bank Negara Malaysia ("BNM") and/or Minister of Finance and/or where requested, to meet with the relevant officers of BNM that are necessary to allow ACE INA to proceed with (i) its application for the requisite approval of the Minister of Finance ("MOF Approval") under Section 67 of the Insurance Act 1996 ("Insurance Act") for the acquisition and disposal of the Defendant’s 49% equity interest in ACE Synergy Insurance Berhad to the Plaintiff, or in the alternative, its application for the MOF Approval to enter into the Amended and Restated Shareholders’ Agreement and/or the Call Option contained therein in the event the Court determines that MOF Approval under the Insurance Act is required; and (ii) any appeals arising therefrom;
b) Costs of the application of the Originating Summons to be borne by ASCAP; and
c) Such further relief and orders that the Court deems fit and just.
3) Whether the Originating Summons will have any financial and operational impact to the ASB Group.
As these legal proceedings are at a very initial stage, the Company is unable at this stage to precisely ascertain the actual financial impact to the ASB Group. However, the Group is not expected to suffer adverse financial impact from these proceedings except for costs and legal expenses. There is no operational impact of the Originating Summons on the Group.
This announcement is dated 12 November 2009. |
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We refer to your announcement dated 10 November 2009 in respect of the above
matter.
In this connection, kindly furnish Bursa Malaysia Securities Berhad ("Bursa
Securities") with the following additional information for public release:-
Date and details of Summon;
Full details of declatory reliefs sought for by ACE INA in relation to the Call
Option; and
Whether the Summon will have any financial and operational impact to the Group.
Please furnish Bursa Securities with your reply within one (1) market day from
the date hereof.
Yours faithfully,
CHONG FUI TZY
Head, Issuers
Listing Division
Regulation
HTH/ML
c.c. Head, Market Surveillance, Securities Commission (via fax) |
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