MATERIAL LITIGATION PETROL ONE RESOURCES BERHAD("THE COMPANY" OR "PETONE")-WRIT OF SUMMONS AND STATEMENT OF CLAIM FILED BY RHB INVESTMENT BANK BERHAD ("THE PLAINTIFF") AGAINST ARUS DERMAGA SDN BHD ("ADSB" OR "1ST DEFENDANT"),A WHOLLY-OWNED SUBSIDIARY OF PETROL ONE HOLDINGS SDN. BHD.,WHICH IN TURN IS A WHOLLY-OWNED SUBSIDIARY OF PETONE,AHMAD AKMAL BIN HAMZAH ("2ND DEFENDANT"),LIM KIAN BOON ("3RD DEFENDANT")AND PETONE ("4TH DEFENDANT") (HEREINAFTER COLLECTIVELY REFERRED TO AS "THE DEFENDANTS")-KUALA LUMPUR HIGH COURT

PETROL ONE RESOURCES BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
PETROL ONE RESOURCES BERHAD("THE COMPANY" OR "PETONE")-WRIT OF SUMMONS AND STATEMENT OF CLAIM FILED BY RHB INVESTMENT BANK BERHAD ("THE PLAINTIFF") AGAINST ARUS DERMAGA SDN BHD ("ADSB" OR "1ST DEFENDANT"),A WHOLLY-OWNED SUBSIDIARY OF PETROL ONE HOLDINGS SDN. BHD.,WHICH IN TURN IS A WHOLLY-OWNED SUBSIDIARY OF PETONE,AHMAD AKMAL BIN HAMZAH ("2ND DEFENDANT"),LIM KIAN BOON ("3RD DEFENDANT")AND PETONE ("4TH DEFENDANT") (HEREINAFTER COLLECTIVELY REFERRED TO AS "THE DEFENDANTS")-KUALA LUMPUR HIGH COURT
Unless otherwise stated, all definitions and terms used in this announcement shall have the same meanings as defined in the previous announcements in relation to the Writ of Summons and Claim, the announcement dated 27 August 2013 in relation to the Settlement Agreement, announcement dated 26 December 2013 in relation to the execution of the DSA, the announcement dated 16 October 2014 in relation to the acceptance of the terms and conditions of the RHB Letter by the Company and announcement dated 21 November 2014 in relation to the Supplementary Settlement Agreement.

Further to the announcements dated 27 August 2013, 29 August 2013, 20 September 2013, 26 December 2013, 21 March 2014, 16 October 2014 and 21 November 2014, the Board of PETONE wishes to announce that PETONE had on 21 November 2016, received a letter dated 18 November 2016 from RHB Investment which confirms the following:-

1. Pursuant to the terms set out in the SSA, RHB Investment will proceed to utilise the Retention Sum together with interest earned towards payment of the balance Settlement Sum following the expiry of a period of twenty four (24) months from the date of the SSA of 21 November 2014,.

2. Notwithstanding the above, RHB Investment has no objection to facilitate the Disposal of the Pledged Shares in accordance with the terms of the SSA.

Further developments of the above matter will be announced to Bursa Securities in due course.

This announcement is dated 22 November 2016.
 





Announcement Info

Company Name PETROL ONE RESOURCES BERHAD
Stock Name PETONE
Date Announced 22 Nov 2016
Category General Announcement for PLC
Reference Number GA1-21112016-00042