Unless otherwise stated, all definitions and terms used in this announcement shall have the same meanings as defined in the previous Practice Note 1 (“PN1”) announcements in compliance with paragraph 3.2(a) of Practice Note 1/2001.
Reference is made to all previous PN1 announcements made by the Company.
In compliance with paragraph 9.19A(5)(a) of the MMLR of Bursa Securities, the Board of Directors of PETONE wishes to inform that there has been no material development on the status of default payments as of the date of this announcement save for the announcement made on 22 November 2016 where PETONE had on 21 November 2016, received a letter dated 18 November 2016 from RHB Investment which confirmed 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.
PETONE will announce further developments on the above matter in due course.
This announcement is dated 30 November 2016.