News
Advance Synergy Furniture Sdn Bhd ("ASF") - Advertisement Of Petition
BackAug 13, 1999
| General Announcement Reference No CU-990813-46925 |
| Submitting Merchant Bank | : | Not Applicable |
| Company Name | : | ADVANCE SYNERGY BERHAD |
| Stock Name | : | ASB |
| Date Announced | : | 13/08/1999 |
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| Type | : | Announcement |
| Subject | : | ADVANCE SYNERGY FURNITURE SDN BHD ("ASF") - ADVERTISEMENT OF PETITION |
Contents :
We refer to your letter dated 13 August 1999 in respect to the Notice of Winding-Up Petition against our wholly-owned subsidiary, ASF, appearing in The Star on 13 August 1999.
As requested, we hereby furnish the Exchange with the necessary information for immediate public release.
A notice for a petition of winding-up dated 19 May 1999 has been served on our wholly owned subsidiary, ASF, by Amanah Finance Malaysia Berhad ("Amanah") based on the judgement dated 22 February 1999 for a judgement sum of RM635,731.03 as at 7 April 1998 together with interest from judgement date until date of full payment ( hereinafter referred to as "Petition").
The Petition has been fixed for hearing at the High Court of Malaya at Kuala Lumpur on 18 October 1999.
The judgement sum is in respect of non-payment of outstanding hire purchase and lease instalments for the purchase of various wood-working equipment for ASF's furniture manufacturing operations.
No losses is expected and there will be no financial and operational impact on the Advance Synergy Berhad Group as the judgement sum involves the recovery of amounts owing by ASF to Amanah in respect of outstanding hire purchase and lease instalments for the purchase of equipment.
ASF is currently seeking legal advice to set aside the judgement dated 22 February 1999 before proceeding to oppose the Petition. Meanwhile, the Company is making arrangements to negotiate for a settlement of the amount outstanding.