You need to learn to chill & relax every now & again
Thinkin extra hard & worryin your brain to shreds all the bloddy time ain't gonna make ya any more effective or successful as a serious long term investor
WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR Description SUMATEC RESOURCES BERHAD ("SUMATEC" OR "THE COMPANY") - DELISTING OF SUMATEC FROM THE OFFICIAL LIST OF BURSA MALAYSIA SECURITIES BERHAD ("BURSA SECURITIES") PURSUANT TO PARAGRAPH 16.11(2)(D) OF THE BURSA SECURITIES MAIN MARKET LISTING REQUIREMENTS We refer to the letter from Bursa Securities dated 10 June 2020 with reference number GAI-05032020-00072 and the Company’s announcement dated 12 June 2020.
The Liquidator wish to inform the shareholders that we have received the Confirmation (as defined in the Company’s announcement dated 12 June 2020) from Abu Talib Shahrom (the legal firm representing the directors of the Company in appealing against the Company’s Winding-Up Order dated 15 October 2019) and submitted it to Bursa Securities on 22 June 2020.
The Liquidator wish to further advise the shareholders that the Winding-Up Order dated 15 October 2019 (“Winding-Up Order”) is being challenged and the appeal against Winding-Up Order is on-going. Based on the Confirmation, the former directors of Sumatec had instructed Abu Talib Shahrom to file an appeal against the Winding-Up Order. The Notice of Appeal has been filed at the Court of Appeal on 13 November 2019. The main ground of appeal is the existence of a valid stay order issued by the Court of Appeal dated 21 February 2019 which has stayed all proceedings against Sumatec until the final disposal of Civil Suit No. WA-22NCC-65-02/2019 brought about by Sumatec against the Malaysian Trustees Berhad, Kerisma Berhad, Capone Berhad, Prima Uno Berhad, Chan Yok Peng, Hoe Leong Corporation Limited and Setinggi Holdings Limited (“Defendants”) (“Fraud Suit”).
The Fraud Suit was in respect of the Company’s allegation of fraud on the Settlement Agreement 2015 (as defined in the Company’s announcement dated 21 November 2018) against the Defendants. The Company is seeking for, inter alia, a declaration that the Settlement Agreement 2015 is null and void and that the Court of Appeal decision on 16 April 2018 to allow summary judgment to be entered against the Company by Malaysian Trustees Berhad, Kerisma Berhad, Capone Berhad and Prima Uno Berhad a nullity and to be set aside. To date, the Fraud Suit has not yet been fully disposed of.
There have been a series of case management for the appeal against the Winding-Up Order. The Court of Appeal has fixed 25 August 2020 for the hearing of the same.
However, the Liquidator is not a party to the appeal against the Winding-Up Order. As such, the Company shall make necessary announcements if such information is made available to the Liquidator.
As for the Fraud Suit, the Company currently has insufficient fund to proceed with the Fraud Suit. In addition, pursuant to a hearing on 9 June 2020 in relation to an application by Hoe Leong Corporation Limited and the order granted by the High Court of the same date, the Company was required to pay for security for cost in the amount of RM70,000 to the Court by 1 August 2020. Should the Company fail to pay the security for cost by the stipulated deadline, the Court will proceed to strike out the Fraud Suit against Hoe Leong Corporation Limited.
Pursuant to the foregoing, the Liquidator has written to certain shareholders and creditors of the Company for funding required to proceed with the Fraud Suit. The Liquidator has received no reply as to date.
The Liquidator wishes to further inform that should the Company fails to raise the funds for the Fraud Suit, the Company would have no other choice but to discontinue the Fraud Suit. As such, the Liquidator will make necessary announcements if there is material development.
Need suma to win the fraut case suit .then can make the settlement agreement which require suma pay the 100 of m. To be void. Then suma can strike out the winding up order. Then suma can buka kedai. But now sumatec dun have money to spend on lawsuit.
70k . Paktua boleh tolong sikit ga ? Ask tan sri tulis surat sama u . Minta tolong
If I am HS, I also refuse to play submitted game with Bursa. On this case, Bursa has not acted an independent role to balance public shareholders interest. The only outstandind court case is under fraud case status and furthermore the company did appeal to block winding up.
Why Bursa protected defenders interest instead of listed company interest to suspend the counter last year until we investors were unable to release our shares. Furthermore, this is a fraud case as mentioned under announcement, Bursa shouldn't create an excuse now to suspend it during old days. Who fault on this matter? Any hidden agenda in Bursa management?
SUMATEC - CONTINUED SUSPENSION ILC-01072020-00009 Kindly be advised that the above Company has failed to submit its 1st Quarterly Report for the financial period ended 31 March 2020 ("1st QR 2020") to Bursa Malaysia Securities Berhad ("Bursa Securities") for public release within the stipulated timeframe pursuant to Paragraph 9.22(1) of Bursa Securities' Main Market Listing Requirements ("Main LR"). Pursuant to Paragraph 9.28(5) of the Main LR, if a listed issuer fails to issue the outstanding financial statements within 5 market days after the expiry of the relevant timeframe as stated in Paragraph 9.22 of the Main LR ("Relevant Timeframe") (the last day of the 5 market day period is referred to as "Suspension Deadline"), in addition to any enforcement action that Bursa Securities may take, Bursa Securities shall suspend the trading in the securities of such listed issuer. The suspension shall be effected on the next market day after the Suspension Deadline. In view of the above, and in the event that the Company is unable to submit the 1st QR 2020 on or before 7 July 2020, the trading in the above Company's securities will be suspended with effect from 9.00 a.m., Wednesday, 8 July 2020 until further notice. However, as the Company's securities have been suspended from trading since 7 November 2019 in view of the Winding Up Order against the Company, the suspension of trading will continue until further notice. Further, please note that pursuant to Paragraph 9.28 (6) of the Main LR, if a listed issuer fails to issue the outstanding financial statements within 6 months from the expiry of the relevant timeframes, in addition to any enforcement action that Bursa Securities may take, delisting procedures shall be commenced against such listed issuer.
You should check in on some of those fields below.
Title
Category
Comment
Confirmation
Click Confirm to delete this Forum Thread and all the associated comments.
Report Abuse
Please Sign In to report this post as abuse.
Market Buzz
No result.
Featured Posts
MQ Trader
Introducing MY's First IPO Fund for Sophisticated Investors!
MQ Chat
New Update. Discover investment communities that resonate with your ideas
MQ Trader
M & A Value Partners IPO Equity Fund has been launched - Targeted 13% Return p.a
Latest Videos
0:17
New IPO: Building management systems (BMS), solar thermal systems and energy-saving services provider, Solar District Cooling Bhd aims to list on the Ace Market!
MQ Trader 332 views | 2 d ago
0:17
New IPO: The onshore and offshore support services provider for the O&G industry, Steel Hawk Bhd aims to list on the Ace Market!
MQ Trader 11606 views | 10 d ago
0:17
New IPO: The largest mini-market player and a leading groceries retailer in Malaysia, 99 Speed Mart Retail Holdings Bhd aims to list on the Main Market!
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
polycarp
1,991 posts
Posted by polycarp > 2020-06-22 23:51 | Report Abuse
Thank you Dream was nice to chat
with you