We refer
to our announcement dated 23 July 2009 in respect of the notice of
winding-up petition served on Talam Industries Sdn Bhd (“Talam
Industries”) by Pembinaan Khas Sdn Bhd and wish to inform that a
Restraining Order had been granted by the Kuala Lumpur High Court
(“KLHC”) vide KLHC Originating Summons No. D-24-219-2009 on 13
August 2009 (which the original sealed copy was received on 17
August 2009) pursuant to Section 176 of the Companies Act, 1965 to
Talam Industries, a wholly-owned subsidiary of the Company.
The Restraining Order is valid
for 90 days and effective from 13 August 2009 to facilitate the
convening of creditors’ meeting concerning the implementation of a
proposed debt restructuring scheme. The full details on the proposed
debt restructuring scheme will be announced in due course.
The Restraining Order is
not expected to have material financial and operational impact on
the Talam Group in view that:-
(i) the Restraining Order is to facilitate
the finalisation of Talam Industries’s proposed debt restructuring
scheme.
(ii) currently,
the operations of the Talam Group is maintained at a level
sufficient to meet the outstanding and urgent requirements of the
Talam Group.
This
announcement is dated 17 August 2009.