News

Originating Summons No. D-24ncc-72-2009 Dated 3 November 2009 Served On Advance Synergy Capital Sdn Bhd ("ASCAP"), A Wholly-Owned Subsidiary Of ASB, By Ace Ina International Holdings Ltd ("Ace Ina")("Originating Summons")

BackSep 13, 2010
Date Announced
:
 13/09/2010  




Type
:
 Announcement
Subject
:
ADVANCE SYNERGY BERHAD (“ASB”)
ORIGINATING SUMMONS NO. D-24NCC-72-2009 DATED 3 NOVEMBER 2009 SERVED ON ADVANCE SYNERGY CAPITAL SDN BHD (“ASCAP”), A WHOLLY-OWNED SUBSIDIARY OF ASB, BY ACE INA INTERNATIONAL HOLDINGS LTD ("ACE INA")(“ORIGINATING SUMMONS”)

Contents
:
We refer to our announcements on 10 November 2009, 12 November 2009 and 13 May 2010 as well as the updates provided in the quarterly financial results announcements on 24 February 2010, 25 May 2010 and 25 August 2010 concerning the Originating Summons.

We wish to inform the Exchange that ASCAP has on 13 September 2010 received a letter dated 9 September 2010 from Bank Negara Malaysia in response to ASCAP’s letter which was submitted pursuant to a Court Order; notifying ASCAP that the Minister of Finance has approved the proposed disposal by ASCAP of its 49% equity interest in ACE Synergy Insurance Berhad to ACE INA pursuant to Section 67 of the Insurance Act 1996.

Pending the hearing fixed on 8 November 2010 of ASCAP’s application for Leave to Appeal to the Federal Court, ASCAP will be seeking further legal advice on this matter.

This announcement is dated 13 September 2010.