CEO Morning Brief

Bina Puri’s Unit Gets Winding-up Petition

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Publish date: Wed, 11 Oct 2023, 08:47 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (Oct 10): Bina Puri Holdings Bhd announced that its wholly owned subsidiary Bina Puri Sdn Bhd (BPSB) has been served with a winding-up petition from the lawyers of Thai Soon Hang (Sabah) Sdn Bhd at the High Court of Sabah and Sarawak, due to a default payment amounting to RM198,116.60.

The default payment was related to a consent judgement that Thai Soon Hang obtained back in June 11, 2021, Bina Puri said in its filing on Tuesday.

It said the petition was filed as Thai Soon Hang wanted to recover the full petition amount, rather than the sum provided for in BPSB’s creditors’ scheme of arrangement which was “successfully convened” on Aug 30, following which the court order restraining BPSB creditors from taking action against BPSB ended on Aug 31.

“During case management on Sept 20, 2023, BPSB informed the court of the status of the restraining order and is in the midst of filing a sanction order,” Bina Puri said.

“There will be no immediate material financial [or] operational impact, and no expected loss to the group, arising from the petition,” it added.

As at June 30, 2020, Bina Puri had invested RM40 million in BPSB, which the group said is not a major subsidiary.

Bina Puri’s share price closed one sen or 28.57% higher at 4.5 sen on Tuesday, bringing the group a market capitalisation of RM152 million.

Source: TheEdge - 11 Oct 2023

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