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")

BackNov 09, 2010
Date Announced
:
 09/11/2010  




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, 13 May 2010, 13 September 2010 and 22 September 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 the following:-

1. The application of ASCAP for Leave to Appeal to the Federal Court was dismissed on 8 November 2010.

2. ACE INA has filed an originating summons seeking various orders, the effect of which is to compel ASCAP to perform the agreement to sell ASCAP’s 49% equity interest in ACE Synergy Insurance Berhad to ACE INA. This originating summons is fixed for hearing on 23 November 2010. ASCAP has sought legal advice for a stay of the hearing of the said originating summons.

This announcement is dated 9 November 2010.