News
Kedah Marble Sdn Bhd ("KMSB") Winding Up Order By The High Court Of Malaya
BackJun 24, 2003
| General Announcement Reference No AS-030624-43454 |
| Submitting Merchant Bank | : | Not Applicable |
| Company Name | : | ADVANCE SYNERGY BERHAD |
| Stock Name | : | ASB |
| Date Announced | : | 24/06/2003 |
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| Type | : | Announcement |
| Subject | : | KEDAH MARBLE SDN BHD ("KMSB") WINDING UP ORDER BY THE HIGH COURT OF MALAYA |
Contents :
We refer to our announcement dated 20 August 2002 in relation to the Winding Up Petition No. D8-28-293-2002 against KMSB by Malaysia Airports Sdn Bhd ("Petitioner") 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 costs of RM1,089.00 ("Judgement Debt").
The Board of Directors of Advance Synergy Berhad ("ASB") wishes to inform the Exchange that we have today received a letter dated 17 June 2003 from the solicitors for the Petitioner, Long & Company, advising that on a Petition for winding up of KMSB presented by the Petitioner against KMSB for the Judgement Debt via Kuala Lumpur High Court Winding Up No.: D8-28-293-2002, the matter was set down for Hearing on 11 June 2003 wherein on the same day, the Court granted an Order for the Winding Up of KMSB and that the Official Receiver was appointed the Provisional Liquidator.
As at 31 December 2002, the book value of ASB's investment in KMSB amounted to RM35,174,203.00 after a provision for diminution in value from the original cost of RM52,657,500.00 to reflect the proportionate net tangible assets value of KMSB based on the audited accounts of KMSB for the financial year ended 31 December 1999, being the latest available audited accounts.
At this juncture, we are not able to quantify any further financial impact that may arise as a result of the Winding Up Order.
(This announcement is dated 24 June 2003)