The Board of Directors of the Company wishes to announce that the Company’s wholly-owned subsidiary, Ecoscience Manufacturing & Engineering Sdn. Bhd. (“Plaintiff”) had on 5 January 2024 served a Writ of Summons and Statement of Claim to RDS Marketing Malaysia Sdn. Bhd. (the “Defendant”) in the High Court of Malaya at Shah Alam via Suit No. BA-22NCvC-6-01/2024.
Background
The Plaintiff’s claim against the Defendant pertains to the alleged payment default in relation to the promise of the Defendant to pay the Plaintiff the remaining sum of RM2,377,844.15 being the completion of project known as “Cadangan Membina Sebuah Kilang 1 Tingkat, Sebuah Gudang 1 Tingkat, Sebuah Pejabat 2 Tingkat, Sebuah Bangunan Tandas 1 Tingkat, 2 Unit Pencawang Elektrik, 1 Unit Kebuk Sampah dan 2 Unit Pondok Pengawal di atas Lot 46554 (PT12618), Persiaran Bandar Sri Sendayan, Kawasan Perindustrian Sendayan, Techvalley, Bandar Sri Sendayan, Negeri Sembilan Khusus untuk Tetuan GoodGloves Industries Sdn. Bhd.” (the “Project”). The total contract sum for the Project was RM4,395,784.15 and the balance amount of RM2,377,844.15 remains due and owing to the Plaintiff since May 2022.
The particulars of the claim under the Writ
Pursuant to the Writ, the Plaintiff has claimed for the following from the Defendant:
- the sum of RM2,377,844.15;
- interest at the rate of 5% per annum on the outstanding sum of RM2,377,844.15 from the date of judgment until the date of full settlement;
- costs of this action; and
- any other reliefs which this Court thinks fit to grant.
Financial and Operational Impact on the Company
The aforesaid Writ is not expected to have any material financial and operational impact on the Company for the financial year ending 31 December 2024 as full amount of the sum has been provided for bad debts and the contract has been completed.
Further announcements on the material development of the above matter will be made to Bursa Malaysia Securities Berhad from time to time.
This announcement is dated 5 January 2024.