The Company refers to Bursa Malaysia Securities Berhad (“Bursa Securities”)’s letter dated 2 December 2008 (Ref: KH-081202-38855) in relation to the advertisement of winding-up petition appearing in the New Straits Times, Notices Section, page NST1klassifieds today.
In accordance to the Bursa Securities’ Listing Requirements, the Company had intended to make an announcement today prior to Bursa Securities’ letter, in relation to the winding-up petition via Kuala Lumpur High Court Winding Up Petition No. D8-21-99-08 pursuant to Section 218 of the Companies Act, 1965 which was served on Talam Properties Sdn Bhd (“Talam Properties”), a wholly-owned subsidiary of the Company by Kerajaan Malaysia (“the Petitioner”) at its registered address at Suite 2.05, Level 2, Menara Maxisegar, Jalan Pandan Indah 4/2, Pandan Indah, 55100 Kuala Lumpur on 1 December 2008. The aforesaid petition has been fixed for hearing on 21 January 2009.
The Petitioner is alleging that Talam Properties is indebted to the Petitioner in the sum of RM10,544,143.00 inclusive of interest calculated at 8% per annum from date of judgment on 20 January 2006 until 21 April 2007 and legal cost of RM225.00.
The Company hereby furnishes the information as required by Bursa Securities for public release:-
1. The Winding-Up Petition against Talam Properties was presented via Kuala Lumpur High Court Winding Up Petition No. D8-21-99-08 on 13 November 2008 and a copy was served on Talam Properties at its registered address at Suite 2.05, Level 2, Menara Maxisegar, Jalan Pandan Indah 4/2, Pandan Indah, 55100 Kuala Lumpur on 1 December 2008. The aforesaid petition has been fixed for hearing on 21 January 2009.
2. The total amount claimed under the petition is RM10,544,143.00 being the judgment sum, interest and cost included.
3. An appeal was made by Talam Properties to Lembaga Hasil Dalam Negeri (“LHDN”) for installment payments in respect of the writ of summons and statement of claims for a total of RM9,583,947-78 being outstanding corporate tax for years of assessment 1998 and 1999 inclusive of the penalties and etc. sometime in October 2004 bearing citation no. S1-21-174-2004. However, the appeal was rejected by LHDN.
The Management shall meet the creditor to propose a better settlement scheme which is mutually acceptable.
4. Talam Properties is not a major subsidiary of the Company and the total cost of investment in Talam Properties is RM1,000,000.00.
5. The amount claimed has been substantially provided for in the past financial years and there is no material impact to the profit and loss account of Talam Group.
6. Apart from the amount claimed, the Company do not foresee any further losses except for legal costs for both parties.
This announcement is dated 2 December 2008.