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The Company wishes to announce that its 80%-owned subsidiary, iSynergy, was served with the Winding-Up Petition on 11 March 2010. The details are as follows:-
1. The Winding-Up Petition was presented to the High Court of Malaya at Shah Alam, Selangor on 8 March 2010.
2. Based on the Winding-Up Petition, Pizza Hut claimed for:
a. RM1,052,415.97 as at 30 June 2004;
b. Interest on RM1,052,415.97 at the rate of 2.0% per annum calculated on daily basis from the date of 1 July 2004 until the date of 28 March 2005 which is before the filing of Writ Summons;
c. Interest on RM1,052,415.97 at the rate of 8.0% per annum from the date of filing of Writ Summons on 29 March 2005 until the date of full settlement; and
d. Costs in the sum of RM350.00.
3. The Winding-Up Petition was filed by Pizza Hut due to non payment of amount claimed.
4. iSynergy is not a major subsidiary of the Company pursuant to the definition provided in the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.
5. Based on the unaudited fourth quarter results of ASB as at 31 December 2009, the total cost of investment in iSynergy amounts to RM9,800,005.
6. The Winding-Up Petition is not expected to have any material financial and operational impact on the Company and ASB Group for the financial year ending 31 December 2010.
7. If the claim is successful, the expected losses are the amount claimed and some legal costs relating to the litigation. The amount of RM1,052,415.97 has been provided for in the unaudited results of iSynergy for the year ended 31 December 2009.
8. iSynergy’s solicitors have on 12 August 2009 filed an appeal to the Court of Appeal against the Kuala Lumpur High Court Judgment dated 14 July 2009 which is pending hearing at the Court of Appeal. iSynergy will also challenge the Winding-Up Petition.
The hearing of the Winding-Up Petition is fixed on 3 June 2010.
This announcement is dated 12 March 2010. |
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