MATERIAL LITIGATION Shah Alam High Court (Court) (Suit No. BA-22NCvC-332-08/2019) filed by Techbond Manufacturing Sdn Bhd (Plaintiff), a wholly-owned subsidiary of Techbond against Fabina Properties Sdn Bhd, Ong Tai Chin @ Wong Tai Chin and Low Yang Cheok (Defendants)
|TECHBOND GROUP BERHAD|
Shah Alam High Court (Court) (Suit No. BA-22NCvC-332-08/2019) filed by Techbond Manufacturing Sdn Bhd (Plaintiff), a wholly-owned subsidiary of Techbond against Fabina Properties Sdn Bhd, Ong Tai Chin @ Wong Tai Chin and Low Yang Cheok (Defendants)
We refer to the Prospectus of Techbond Group Berhad ('Techbond' or 'the Company') dated 13 November 2018 and the announcements made by the Company on 8 May 2019, 3 October 2019 and 5 December 2019. Unless otherwise stated, the terms used throughout the announcement shall have the same meanings as defined in the previous announcement.
The Board of Directors of the Company wishes to announce that following the case development as announced on 5 December 2019, Techbond Manufacturing Sdn Bhd ('Plaintiff'), a wholly-owned subsidiary of the Company, on behalf of Mr Lee Seng Thye has on 10 January 2020 through its Solicitors, served the Winding-up Petition to Fabina Properties Sdn Bhd (‘Defendant’) as the Defendant has failed to settle the following to the Plaintiff as at to-date:
1) Total claim as stated in the Court Order dated 30 September 2019 amounting to RM4,242,079.00 ("Total Claim") to the Plaintiff;
2) Cost of the proceeding and petition as the court deems just and appropriate; and
3) Interest of the Total Claim as the court deems just and appropriate.
As the subject Property of the suit has been sold to Mr Lee Seng Thye, should the Company received the judgement sum from the Defendants, the entire sum will be returned to Mr Lee Seng Thye.
Therefore, there will be no financial impact on the Plaintiff arising from the suit.
Further announcement on the development of the above matter will be made to Bursa Malaysia Securities Berhad in due course.
This announcement is dated 10 January 2020.
|Company Name||TECHBOND GROUP BERHAD|
|Date Announced||10 Jan 2020|
|Category||General Announcement for PLC|