| BRAHIM’S HOLDINGS BERHAD |
| Type | Announcement | |
| Subject | WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR | |
| Description | Brahim’s Holdings Berhad (“BHB” or “Company”) – Winding Up of Subsidiary of BHB |
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The Board of Directors of BHB (“Board”), hereby announce that BHB had on 15 November 2013 (after close of business), received a copy of a notice to contributories of first meeting under the Winding-Up Order (which is defined in the ensuing paragraph) of Admuda Sdn Bhd (“Admuda”), a 60%-owned subsidiary of BHB (“Notice of Contributories”).
The Notice of Contributories, which was dated 11 November 2013, arose from a winding-up order in respect of a winding-up petition pursuant to Section 218(1)(e) of the Companies Act, 1965 filed by Arqan Niaga Sdn Bhd (“Petitioner”) on 15 May 2013 (“Petition”) that was granted by the High Court of Malaya (“Court”) on 1 November 2013 (“Winding-Up Order”). An Official Receiver was also appointed on the even date.
On 11 November 2013, Admuda had filed an application to stay in respect of the Winding-Up Order (“Notice of Application”). Based on the Notice of Application, the Court had fixed the case management in respect of the Petition on 21 November 2013. On 21 November 2013, the Court had set the next case management in respect of the Petition on 12 December 2013.
Based on the Petition, the Petitioner had on 30 November 2012, obtained a final judgment against Admuda from the Court, where Admuda shall pay the sum of RM972,079.58 with interest thereof at the rate of 5% per annum computed from date of the writ of summon until the date of final realisation and costs of RM30,000.00 (“Judgment Sum”) to the Petitioner.
The Board is of the opinion that the abovementioned Petition against Admuda, which is not a major subsidiary of BHB, with BHB’s total cost of investment in Admuda of approximately RM22.6 million, is not expected to have any material financial and operational impact on BHB. Further, the expected losses arising from the Petition would be up to the Judgment Sum. The Board is currently in discussion with its legal adviser to resolve this matter and believe that the status of Admuda can be reinstated.
Further announcement on the development of the above matter will be made to Bursa Malaysia Securities Berhad in due course.
The announcement is dated 21 November 2013 |
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