News
Syarikat Fit And Weld Engineering (M) Sdn Bhd ("SFWE" Or "Company") - Winding-Up Order By The High Court Of Malaya
BackNov 16, 2001
| General Announcement Reference No CU-011115-56344 |
| Submitting Merchant Bank | : | Not Applicable |
| Company Name | : | ADVANCE SYNERGY BERHAD |
| Stock Name | : | ASB |
| Date Announced | : | 16/11/2001 |
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| Type | : | Announcement |
| Subject | : | SYARIKAT FIT AND WELD ENGINEERING (M) SDN BHD ("SFWE" or "company") - Winding-up Order by the High Court of Malaya |
Contents :
We refer to our earlier announcement made on 17 August 2000 wherein we announced that a Notice of Winding-up Petition dated 8 April 2000 has been served on our subsidiary, SFWE, on 15 August 2000 by the Government of Malaysia in respect of an indebtedness in the sum of RM136,353.65 arising from non-payment of income tax by SFWE ("Petition"). SFWE is a 70% owned subsidiary of Nagapura Management Corporation Sdn Bhd, which in turn is a wholly owned subsidiary of Advance Synergy Berhad ("ASB").
We now wish to inform the Exchange that a Winding-up Order was granted by the High Court of Malaya at Kuala Lumpur vide the Petition against SFWE ("Winding-up Order by the Court"). The Winding-up Order by the Court was dated 15 September 2000 and has been served on SFWE on 16 November 2001 by the Government of Malaysia. SFWE will not be seeking legal advice to set aside the Winding-up Order by the Court.
No losses is expected and there will be no financial and operational impact on ASB Group as the investment in SFWE has been fully written off and SFWE has ceased operations since 1999.
Based on the audited accounts of SFWE for the financial year ended 31 December 2000, the total assets value of the company amounted to RM1,500 and the deficit in shareholders' funds was RM2,880,353.
(This announcement is dated 16 November 2001)