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Date : 12 April 2003

Advertisement Of Notice Of Winding-Up Petition On Zuriat Watan Sdn Bhd ("ZWSB")

U-WOOD HOLDINGS BERHAD

Type

Reply to query
Reply to Query Letter by KLSE reference IDNM-030408-37298
SubjectAdvertisement Of Notice Of Winding-Up Petition On Zuriat Watan Sdn Bhd ("ZWSB")

Contents :

We refer to the letter from the Exchange dated 8 April 2003 on the notice of winding-up petition appearing in The Star on 8 April 2003 and wishes to advise that:


1. The petition was served on ZWSB on 3 April 2003.

2. The presentation of the petition was made on 21 February 2003.

3. The claim under the petition were that:

    - ZWSB may be wound-up by the Honourable Court under the provision of the Companies Act, 1965.
    - an official receiver be appointed as provisional liquidator of ZWSB.
    - the cost of the petition be taxed and paid out of the assets of ZWSB.
    - any other relief that the Honourable Court deems fit.

4. The total cost of investment of U-Wood Holdings Berhad in ZWSB is RM4.5 million.

5.The winding-up petition arises out of the debt of RM1,070,921.13 owing to Erinco Sdn Bhd ("Erinco" or "the petitioner") for professional fee for services rendered as consultant for development and infrastructure planning design of Ladang Felcra, Sungai Choh, Mukim Serendah, Daerah Ulu Selangor pursuant to a Letter of Appointment dated 12 June 1996. Erinco had invoked Section 218(1)(e) of the Companies Act, 1965 to wind-up ZWSB on the ground that ZWSB is unable to pay its debt.

6. The winding-up petition on ZWSB will not have any significant financial and operational impact on U-Wood Group except for the legal cost to be incurred and the cash outlay of RM1,070,921.13 to settle the outstanding sum since an amicable settlement has been reached with Erinco.

7. No additional losses are expected to arise from the petition apart from that stated under item 6 above.

8. ZWSB has on 11 April 2003 reached an amicable settlement with Erinco.

9. The winding-up petition is scheduled for hearing on 8 May 2003 but on the said date, since an amicable settlement has been reached with Erinco, the court will be informed that the case has been resolved and winding-up petition will be withdrawn.

Query Letter Contents :

We refer to the above Notice of Winding-Up Petition, appearing in The Star on
Tuesday, 8 April 2003, a copy of which is enclosed for your reference.
In this connection, kindly furnish the Exchange immediately with the following
information for public release:
The date the petition was served on ZWSB.
The date of presentation of the petition.
3. The particulars of the claim under the petition, including the amount
claimed for under the petition and the interest rate.
4. The total cost of investment in ZWSB by U-Wood Holdings Berhad.
5. The details of the default or circumstances leading to the filing of the
winding-up petition.
6. The operational and financial impact on the Group, if any, arising from
the aforesaid petition.
7. The expected losses, if any, arising from the aforesaid petition.
8. The steps that your Company/ZWSB has taken and will take with regards to
the winding-up petition.
9. The hearing date for the winding-up petition.
Yours faithfully

INDERJIT SINGH
Senior Manager
Listing Operations
IS/WSW/NMA


Announcement Info

Company NameU-WOOD HOLDINGS BERHAD  
Stock Name UWOOD    
Date Announced12 Apr 2003  
CategoryGeneral Announcement
Reference NoUH-030225-38492
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