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KUALA LUMPUR HIGH COURT (APPELLATE & SPECIAL POWERS DIVISION) APPLICATION FOR JUDICIAL REVIEW NO. R-25-469-2010 BY ADVANCE SYNERGY CAPITAL SDN BHD ("ASCAP"), A WHOLLY-OWNED SUBSIDIARY OF ASB

BackJan 14, 2011
Date Announced
:
 14/01/2011  




Type
:
 Announcement
Subject
:
ADVANCE SYNERGY BERHAD (“ASB”)
KUALA LUMPUR HIGH COURT (APPELLATE & SPECIAL POWERS DIVISION) APPLICATION FOR JUDICIAL REVIEW NO. R-25-469-2010 BY ADVANCE SYNERGY CAPITAL SDN BHD (“ASCAP”), A WHOLLY-OWNED SUBSIDIARY OF ASB

Contents
:
We refer to our announcement on 4 January 2011 concerning the above and wish to inform the Exchange of the following outcome from the hearing on 14 January 2011:-

a. The learned Judge has granted leave to ACE INA International Holdings Ltd (“ACE INA”) to intervene and be added as a party to ASCAP’s application for Leave in the Application for Judicial Review (“Intervention Order”).

b. The hearing of ASCAP’s application for Leave in the Application for Judicial Review and ASCAP’s application to stay the approval of the Minister of Finance for the proposed disposal by ASCAP of its 49% equity interest in ACE Synergy Insurance Berhad to ACE INA has been adjourned to 31 January 2011.

ASCAP was advised by its solicitors to lodge an appeal to the Court of Appeal against the Intervention Order.

This announcement is dated 14 January 2011.

Announcement Details :