News
Kedah Marble Sdn Bhd ("KMSB") - Notice Of Winding-Up Petition
BackAug 20, 2002
| General Announcement Reference No CU-020820-42858 |
| Submitting Merchant Bank | : | Not Applicable |
| Company Name | : | ADVANCE SYNERGY BERHAD |
| Stock Name | : | ASB |
| Date Announced | : | 20/08/2002 |
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| Type | : | Announcement |
| Subject | : | KEDAH MARBLE SDN BHD ("KMSB") - NOTICE OF WINDING-UP PETITION |
Contents :
The Board of Directors of Advance Synergy Berhad ("ASB") wishes to inform the Exchange that ASB has been notified by the solicitors of KMSB, Mohd. Rawi, Andrew & Associates, on 19 August 2002 that there is a Winding-up Petition No. D8-28-293-2002 against KMSB which has been fixed for hearing at the High Court of Malaya at Kuala Lumpur in Wilayah Persekutuan Malaysia on 21 August 2002 (hereinafter referred to as "Petition"). The solicitors of KMSB has also informed us that the Petition has been postponed to 2 October 2002. The Petition which was dated 25 March 2002 was served on KMSB on or about 19 April 2002 and received by KMSB on 13 May 2002, by Malaysia Airports Sdn Bhd in respect of non-payment of a sum of RM47,372.68 together with interest thereon at the rate of 1% per month from the 31 August 1995 to the date of full settlement and cost of RM1,089.00. The Petitioner is a trade creditor of KMSB and the debt was incurred in the normal course of business.
An affidavit in reply to the said Petition may be filed by Mohd. Rawi, Andrew & Associates to oppose the Petition.
ASB holds an equity interest of 70% in KMSB. However, the management control of KMSB is exercised by the minority shareholder, Perbadanan Kemajuan Negeri Kedah, pursuant to a shareholders' agreement and ASB does not exercise any significant influence over the Board of Directors of KMSB. Accordingly, the accounts of KMSB have not been consolidated with the accounts of ASB Group since the financial year then ended 30 September 1994.
Based on the audited accounts of KMSB for the financial year ended 31 December 1999, the net tangible assets ("NTA") value of KMSB was RM50,248,861. The total original cost of investment in KMSB by ASB amounted to RM52,657,500.00. As at 31 December 2001, the book value of ASB's investment in KMSB amounted to RM35,174,203.00 after a provision for diminution in value to reflect the proportionate NTA value of KMSB as at 31 December 1999. As adequate provision for diminution in value of ASB's investment in KMSB has been made, the financial impact that may arise as a result of any legal action is not expected to be material. There will be no operational impact on ASB Group as the operations of KMSB are separate and independent of the ASB Group.
ASB, as a shareholder of KMSB, intends to appear in the winding-up proceedings and to oppose the Petition.
(This announcement is dated 20 August 2002).