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Bursa Updates
| Date Announced: |
15/12/2009 |
| Subject: |
HO HUP CONSTRUCTION COMPANY BERHAD ("Ho Hup" or "the Company")
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WRIT OF SUMMONS SERVED ON BUKIT JALIL DEVELOPMENT SDN. BHD., A MAJOR SUBSIDIARY OF THE COMPANY, BY PERMATA JUANG (M) SDN. BHD. |
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| Contents: |
Further to the Company's announcements dated 9 October 2009, 16 October 2009 and 26 November 2009 pertaining to the Writ of Summons served on Bukit Jalil Development Sdn. Bhd. ("BJD"), a major subsidiary of the Company, by Permata Juang (M) Sdn. Bhd. ("PJM") in relation to the withdrawal of the resolution relating to the proposed disposal of a parcel of freehold land measuring approximately 10.865 acres held under Geran 55268, Lot 38476 in the Mukim of Petaling, District of Kuala Lumpur, State of Wilayah Persekutuan Kuala Lumpur ("Land") for a cash consideration of RM19,408,370.57 by BJD to PJM, the Board of Directors of Ho Hup wishes to inform that the Court had on 14 December 2009 granted an Order for an Injunction to PJM:-
| (a) |
to stop and/or to restrain BJD whether by themselves or by their servants and/or agents and/or other persons besides themselves with immediate effect from disposing the Land to any party vie a tender and/or in any other manner until the disposal of the Trial of the legal suit filed against BJD for specific performance of the sale and purchase transaction vide the Sale and Purchase Agreement dated 2 March 2009 ("SPA"); |
| (b) |
to stop and/or to restrain BJD whether by themselves or by their servants and/or agents and/or other persons besides themselves with immediate effect from continuing with the tender exercise for the purpose of selling the Land to a third party; and |
| (c) |
to compel BJD whether by themselves or by their servants and/or agents and/or other persons besides themselves to perform its obligation by complying with the condition precedent as contained in clause 3.02(b) of the SPA specifically condition precedent contained in clause 3.02(b)(xii) of the SPA within 30 days from the date of the Order. |
The Court has ordered costs of RM15,000 to be paid by BJD to PJM within 14 days from the date hereof.
The Company had instructed its lawyer to appeal on the abovementioned Court decision. |
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