News

Material Litigation

BackApr 21, 2011
Date Announced : 21/04/2011  



Type : Announcement
Subject :
MATERIAL LITIGATION

Description :
Advance Synergy Berhad (“Company”)
Legal Proceedings between Advance Synergy Capital Sdn Bhd (“ASCAP”), a wholly owned subsidiary of the Company and ACE INA INTERNATIONAL HOLDINGS LTD (“ACE INA”) with regard to ASCAP’s 49% equity interest in ACE SYNERGY INSURANCE BERHAD (“ASIB”)
   
 

Announcement Details/Table Section :

Further to our announcement on 8 April 2011 concerning the postponement of the hearing by the High Court of ASCAP's Application for Leave for Judicial Review (“Leave Application”) and ASCAP's application to stay the approval of the Minister of Finance for the proposed disposal by ASCAP of its entire 49% equity interest in ASIB to ACE INA (“Stay Application”) to 21 April 2011, we wish to inform the Exchange that the Leave Application was dismissed with costs and consequently, no order was made on the Stay Application.

This announcement is dated 21 April 2011.