ASDION

0.065

+0.005 (+8.3%)

STATUTORY DEMAND PURSUANT TO SECTION 465(1)(e) & SECTION 466 OF THE COMPANIES ACT 2016 FROM PMM VENTURES SDN BHD ("STATUTORY DEMAND")

ASDION BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-15032024-00001
Subject STATUTORY DEMAND PURSUANT TO SECTION 465(1)(e) & SECTION 466 OF THE COMPANIES ACT 2016 FROM PMM VENTURES SDN BHD ("STATUTORY DEMAND")
Description 
ASDION BERHAD ("THE COMPANY" OR "ASDION") - STATUTORY DEMAND PURSUANT TO SECTION 465(1)(e) & SECTION 466 OF THE COMPANIES ACT, 2016 FROM PMM VENTURES SDN. BHD.
Query Letter Contents

We refer to your Company’s announcement dated 14 March 2024, in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

1) The names of the company(ies) against which the Statutory Demand is served.
2) The details of events leading to the serving of the Statutory Demand.
3) The particulars of the claim under the Statutory Demand, including the amount claimed for, interest rate and other relief sought.
4) The estimated potential liability to the Asdion group arising from the Statutory Demand.

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

 

Yours faithfully,
Listing, 
Regulation

Cc : Market Surveillance Dept. , Securities Commission  

Further to the Company’s announcement dated 14 March 2024 respect of the aforesaid matter,  we wish to provide the following information for public release:-

 

1) The Statutory Demand was served by  PMM Ventures Sdn. Bhd. (“Plaintiff”) against Asdion Berhad and Kingdom Infra Holdings Sdn. Bhd. (“Defendants”).

2) Plaintiff is one of the sub-contractors for Tumpat Project. There is a dispute regarding the performance of the work performed by the Plaintiff.  

3) The particulars of the claim under the Statutory Demand, including the amount claimed for, interest rate and other relief sought (“the Debts”) are as follows:-

 

[1]

Judgment Sum

RM560,833.54

[2]

Interest on RM560,833.54 at 10% per annum from 3 May 2023 to 12 December 2023 (224 days)

RM34,418.28

LESS:- payment received by Plaintiff on 12 December 2023

(RM100,000.00)

 

RM495,251.82

[3]

Interest on balance RM460,833.54 at 10% per annum from 13 December 2023 to 8 March 2024 (87 days)

RM10,984.25

[4]

Cost

RM3,500.00

 

TOTAL

RM509,736.07

 

 

4) At this juncture, there were no potential liability on Asdion group arising from the Statutory Demand as the Company is making and negotiating repayment arrangement as well as seeking legal advice for the settlement of the Debts or an amicable solution.

 

This announcement is dated 18 March 2024.


Announcement Info

Company Name ASDION BERHAD
Stock Name ASDION
Date Announced 18 Mar 2024
Category General Announcement for PLC
Reference Number GA1-15032024-00022


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