BURSA ANNOUNCEMENTS
Date : 01 March 2000
2. Particulars of the petitioner(s)
1. Reka Sehati Sdn Bhd; and
2. Sam Ah Mooi @ Sam Ah Mai.
3. Particulars of the other respondents
Comprise six (6) other individuals who are directors of the Company:-
1. YM Tengku Dato’ Kamarul Zaman Ibni Almarhum Sultan Sir Abu Bakar;
2. Dato’ Yap Yee Hoo;
3. YM Tengku Dato’ Kamal Ibni Almarhum Sultan Sir Abu Bakar;
4. Lee Hock Soon;
5. YB Dato’ Mohd Yusof bin Mohd Said; and
6. Tuan Syed Nagiff bin Syed Mokhtar.
4. Salient points of the claim
Essentially the Petitioners contend that:-
1. the affairs of the Company are being conducted or the powers of the directors are being exercised in a manner oppressive to the members of the Company, including the Petitioners; and
2. the members of the Company, including the Petitioners, are being discriminated against by some act of the Company, whether real or threatened.
5. Details of events or otherwise leading to the Order
6. Operational and financial impact on the Group
The financial impact could not be assessed at this point of time.
7. Steps taken by the Company with regards to the Order
ORDER OF HIGH COURT MALAYA, KUALA LUMPUR, PURSUANT TO SECTION 181 OF THE COMPANIES ACT, 1965
| CCM BIOSCIENCE BERHAD |
| Type | Reply to query |
| Reply to Query Letter by KLSE reference ID | CY-000226-35509 |
| Subject | ORDER OF HIGH COURT MALAYA, KUALA LUMPUR, PURSUANT TO SECTION 181 OF THE COMPANIES ACT, 1965 |
Contents :
Further to the Announcement of the Company released on 25 February 2000 in respect of the above, the requisite additional information is as follows:-
1. Details of Order
- The Order restrains each named Respondent (of which the Company is the 7th) whether by itself, servants or agents or otherwise from and in any manner whatsoever from:-
- 1. paying or causing to be paid from the monies of the Company or the Company’s bank accounts any monies which are the proceeds of the following :-
- * the RM34.68 million arising from the Company’s disposal of an interest in CCMB Agrochemicals Sdn Bhd; and
* the RM20 million revolving credit facility from United Overseas Bank (M) Berhad;
- 2. in any way granting, further extension(s) of time or doing anything similar which would have the effect of granting time to the vendor of Merces Builders Sdn Bhd (Wide Heritage (M) Sdn Bhd) to complete the Sale and Purchase Agreement in writing entered into with the Company on 13 September 1999;
- 4. entering into or causing to be entered into any further agreements, whether oral or in writing, by the Company which is not in the ordinary course of business of the Company and/or which is prejudicial to the interest of the Petitioners, other shareholders and/or the Company.
2. Particulars of the petitioner(s)
- Comprise two (2) persons who are shareholders of the Company holding in aggregate of 10.9% of the issued and paid up capital in the Company:-
1. Reka Sehati Sdn Bhd; and
2. Sam Ah Mooi @ Sam Ah Mai.
3. Particulars of the other respondents
Comprise six (6) other individuals who are directors of the Company:-
1. YM Tengku Dato’ Kamarul Zaman Ibni Almarhum Sultan Sir Abu Bakar;
2. Dato’ Yap Yee Hoo;
3. YM Tengku Dato’ Kamal Ibni Almarhum Sultan Sir Abu Bakar;
4. Lee Hock Soon;
5. YB Dato’ Mohd Yusof bin Mohd Said; and
6. Tuan Syed Nagiff bin Syed Mokhtar.
4. Salient points of the claim
Essentially the Petitioners contend that:-
1. the affairs of the Company are being conducted or the powers of the directors are being exercised in a manner oppressive to the members of the Company, including the Petitioners; and
2. the members of the Company, including the Petitioners, are being discriminated against by some act of the Company, whether real or threatened.
5. Details of events or otherwise leading to the Order
- The Order was obtained ex-parte by the Petitioners, that is without the benefit of arguments from the Company or any of the other Respondents.
- Essentially the Order arose from the Petitioners’ displeasure with the Respondents’ handling of the acquisition of Merces Builders Sdn Bhd from Wide Heritage (M) Sdn Bhd, full particulars which have been duly furnished to the Exchange prior hereto and which was approved by the Company’s shareholders in general meeting on 22 October 1999.
6. Operational and financial impact on the Group
- Acting on the order served on the Company’s Bankers, all the Banks of the Company had frozen the Company’s accounts maintained with the said Bank, thus causing a standstill to all proposed projects and stifling the Company’s daily operations and business.
The financial impact could not be assessed at this point of time.
7. Steps taken by the Company with regards to the Order
- The Company, being the Seventh Respondent has on 26 February 2000 filed an application for a Court Order to discharge and set aside the said Order granted ex-parte on 22 February 2000.
Query Letter Contents :
We refer to your Company's announcement dated 25 February 2000 in respect of
the aforesaid matter.
In this connection, kindly furnish the Exchange immediately with the following
additional information for public release:-
The details of the order.
The particulars of the petitioner(s).
The particulars of the other respondents.
The salient points of the claim.
The details of events or otherwise leading to the order.
The operational and financial impact on the Group.
The steps your Company will take with regard to the order.
Yours faithfully
KUALA LUMPUR STOCK EXCHANGE
Lisa Lam
Senior Manager, Listing Operations
LL/YT/SA/CY
c.c. Securities Commission
Announcement Info
| Company Name | CCM BIOSCIENCE BERHAD |
| Stock Name | CCMBIO |
| Date Announced | 1 Mar 2000 |
| Category | General Announcement |
| Reference No | CB-000301-1081A |