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Bursa Updates
| Date Announced: |
9 October 2009 |
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| 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: |
The Board of Directors of Ho Hup wishes to announce that Bukit Jalil Development Sdn. Bhd. ("BJD" of "Defendant"), the major subsidiary of the Company, received a Writ of Summons ("Summons") and an Interim Injunction application ("Interim Injunction") on 8 October 2009 served by Permata Juang (M) Sdn. Bhd. ("PJM" or "Plaintiff") in relation to the withdrawal of 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 ("Property") for a cash consideration of RM19,408,370.57 by BJD to PJM ("Proposed Disposal"), due to insufficient support for the motion from the shareholders of the Company at the Extraordinary General Meeting held on 8 July 2009 based on the pre-meeting voting summary from the share registrar.
The Summons and the Interim Injunction were presented to the High Court of Malaya at Kuala Lumpur on 5 October 2009 and the Interim Injunction shall be heard on 14 October 2009.
Pursuant to the Summons, the Plaintiff claimed for:-
| a) |
Specific performance of the Sale and Purchase Agreement ("SPA") dated 2 March 2009 executed between the Plaintiff and Defendant in respect of the Proposed Disposal; |
| b) |
An injunction to be granted to immediately restrain Defendant whether by themselves and/or through their servants and/or agents and/or any other persons besides themselves with immediate effect from selling the Property to any other party in any manner whatsoever; |
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An injunction to immediately stop and/or to restrain Defendant whether by themselves and/or through their servants and/or agents and/or any other persons besides themselves from continuing with the tender exercise with the intention of selling the Property for any other parties; |
| d) |
Special and punitive damages in addition to the specific performance to be assessed by the Court and paid by Defendant to the Plaintiff; |
| e) |
Interest at the rate of 8% per annum on the total sum of special and punitive damages awarded by the Court from the judgment date until the date of completion of the SPA; and |
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Cost and other relief as the Court deems fit. |
BJD have appointed solicitors to enter appearance and to resist the Interim Injunction and to set aside the aforementioned Summons.
The Board of Directors of Ho Hup do not envisage the impact of Summons on the Group, financially or operationally, to be significant. The Group is not expected to incur any losses.
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