News

We refer to our announcement on 5 July 2004 and subsequent updates via our quarterly announcements (the latest quarterly announcement was submitted on 24 August 2016) pertaining to the above captioned.

The Board of Directors of ASB, after being advised by our solicitors, wishes to announce that the Company has accepted the proposal from PKNK to fully settle the aforesaid dispute on the following terms ("the Settlement”):-

1.       PKNK shall pay the Company a cash sum of RM4,999,000; and

2.       The parties to file a Notice of Discontinuance (“NOD”) wholly withdrawing the action with no order as to costs and with no liberty to file afresh.

ASB confirms receipt of the Settlement amount and the filing of the NOD in Court on 17 October 2016. The Settlement will not have any effect on the share capital of ASB and the substantial shareholders’ shareholding in ASB. The Settlement will not have any material effect on the earnings per share, net assets per share and gearing level of ASB Group for the financial year ending 31 December 2016.

This announcement is dated 17 October 2016.