News

Originating Summons No. D-24ncc-332-2010 Dated 8 October 2010 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 30, 2010
Date Announced
:
 30/11/2010  




Type
:
 Announcement
Subject
:
ADVANCE SYNERGY BERHAD (“ASB”)
ORIGINATING SUMMONS NO. D-24NCC-332-2010 DATED 8 OCTOBER 2010 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 announcement on 9 November 2010 and the update provided in our quarterly financial results announcement on 24 November 2010 concerning the Originating Summons.

We wish to inform the Exchange that at the hearing on 29 November 2010 for the Originating Summons, the Court granted with costs various orders sought by ACE INA, 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.

ASCAP will seek legal advice to appeal to the Court of Appeal against the said orders.

This announcement is dated 30 November 2010.