MATERIAL LITIGATION - PESTECH INTERNATIONAL BERHAD (PESTECH or the Company)
In the High Court Malaya at Shah Alam Originating Summons No. BA-24NCC-133-10/2023 served on CRSE Sdn. Bhd., an indirect wholly-owned subsidiary of PESTECH by Universal Cable (M) Berhad (Joint and Several Interim Liquidators appointed)
PESTECH INTERNATIONAL BERHAD
Reference is made to the Company’s announcement dated 23 November 2023, 8 December 2023 and 15 March 2024 in relation to the demand made by CRSE Sdn. Bhd., an indirect wholly-owned subsidiary of PESTECH, on both the Performance Bond in the sum of RM9,500,013.78 and the Retention Bond in the sum of RM4,750,006.89 from Bangkok Bank Berhad pursuant to a Sub-Supply Contract entered into between Pembinaan Tajri Sdn. Bhd. and Universal Cable (M) Berhad dated 15 May 2018.
The Company would like to update that the Court had on 10 June 2024 ordered that the matter in respect of the injunction on the demands on the Performance Bond and Retention Bond be transferred and heard in the Construction High Court of Shah Alam. This matter has been fixed for Case Management on 9 July 2024 before the Construction Court.
This announcement is dated 11 June 2024.
