Further to the announcement on 1 June 2005
in relation to the Notice of Demand ("the Notice")
served by the Solicitors of Concrete
Engineering Products Berhad ("CEPCO") on the Company for the sum of
RM1,433,232.23 or RM1,443,232.23 ("the Disputed Debt"), the Company
wishes to announce that the Kuala Lumpur High Court ("the Court") had on
31 October 2006 granted the following orders in the favour of the
Company:-
1. a declaration that the Winding Up Notice
dated 30 May 2005 issued by CEPCO ("the Defendant") and/or their
servants or agents against the Company under the Notice and served on
the Company on 31 May 2005, wherein CEPCO claims against the Company for
the Disputed Debt, is null and void and abuse of the process of the
Court;
2. a declaration that the all sums owing
under the Consent Order dated 26 January 2002 by the Company to CEPCO
has been fully settled on 21 May 2002 when the Company deposited a total
sum of RM14,333,297.43 into a fixed deposit account held under the joint
solicitors' name for the Company and CEPCO;
3. all injunction to restrain CEPCO whether
by themselves and/or by their servants and/or agents and/or otherwise
howsoever from presenting or filing a winding up petition against the
Company on or any period after 22 June 2005 and/or upon the expiry of 21
days from the day of service of the Notice on the Company or at any time
from the date hereof; and
4. all costs and expenses incurred from
this application to be borne by CEPCO.
The Court has fixed 23 November 2006 for
mention to explore the issue of damages, and CEPCO has on 6 November
2006 appealed against the decision to the Court of Appeal.