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Advertisement of Winding-Up Petition on Lankhorst Pancabumi Contractors Sdn. Bhd. ("LPCSB")
| LANKHORST BERHAD |
|
Type | Reply to query |
| Reply to Query Letter by KLSE reference ID | KM-050302-38053 |
| Subject | Advertisement of Winding-Up Petition on Lankhorst Pancabumi Contractors Sdn. Bhd. ("LPCSB") |
Contents :
We refer to your letter of 2nd March 2005. As requested, stated below are the information requested for public release: -
1. The name of the Petitioner is Reinforced Earth Management Services Sdn.
Bhd.and the petition was first served on 4th December 2004 but was agreed
to be withdrawn due to a Settlement Agreement agreed upon.
2. The claim is in respect of the outstanding sum for the supply and installation
of earthwalls for LPCSB's MRR2 project for RM265,858.32 which is inclusive
of RM32,864.00 interests and RM2,310.00 costs.
3. There was a Settlement Agreement whereby LPCSB is to pay the said sum in
10 monthly instalments, but unfortunately due to its tight cashflow situtation,
LPCSB defaulted in its payment.
4. The total cost in the investment in LPCSB is RM25,000,000.
5. The winding-up proceedings is not expected to have any impact on the
financial and operational impact on the company.
6. There is no expected loss arising from the winding-up proceedings.
7. The management of LPCSB has made good the outstanding instalment
payments and is requesting the Petitioner to agree to resume the earlier
payment arrangement by 10 monthly instalments.
8. The date of the hearing is on 12th April 2005.
This announcement has been endorsed by the Board of Directors of the Company at the Board of Directors' meeting held on 18th March 2005
Query Letter Contents :
We refer to the advertisement on winding-up petition appearing in the Star,
Star Notices, page 8 on Wednesday, 2 March 2005, a copy of which is enclosed
for your reference.
In this connection, kindly furnish Bursa Malaysia Securities Berhad ("Bursa
Securities") with the following information immediately for public release:
The name of the petitioner and date the winding-up petition was served on
LPCSB;
The particulars of the claim under the petition, including the amount claimed
for under the petition and the interest rate;
The details of the default or circumstances leading to the filing of the
winding-up petition;
The total cost of investment in LPCSB;
The financial and operational impact of the winding-up proceedings;
The expected losses, if any arising from the winding-up proceedings;
The steps taken and proposed to be taken by the Company in respect of the
winding-up proceedings;
The date of hearing;
9. A statement whether Lankhorst Berhad ("Company") and its group of companies
("Group") is solvent i.e. that no contingent or other liability has become or
is likely to become enforceable within the period of twelve (12) months from
the date thereof which will or may affect the ability of the Group or the
Company to meet their obligations as and when they fall due; and
10. A solvency declaration executed by the directors of the Company (where such
declaration can be made).
Please note that the contents of the announcement must be endorsed by the board
of directors of the Company.
Yours faithfully
INDERJIT SINGH
Sector Head
Issues & Listing
Group Regulations
CKM
Copy to : Securities Commission (via fax)
Announcement Info
| Company Name | LANKHORST BERHAD |
| Stock Name | LANKHOS |
| Date Announced | 18 Mar 2005 |
| Category | General Announcement |
| Reference No | LL-050317-66660 |