EP Manufacturing Bhd ("the Company" or "EPMB") Writ Summon ("Writ Summon") and Statement of Claim ("Claim") filed by Salcon Engineering Berhad ("Salcon") against Circle Ring Network Sdn Bhd ("CRN"), a wholly-owned subsidiary of the Company
· Issued by Ep Manufacturing Bhd.
Company Name
:
EP MANUFACTURING BHD
Stock Name
:
EPMB
Date Announced
:
15/04/2013
Type
:
Reply to query
Reply to Bursa Malaysia's Query Letter - Reference ID
:
TE-130415-39324
Subject
:
EP Manufacturing Bhd ("the Company" or "EPMB")
Writ Summon ("Writ Summon") and Statement of Claim ("Claim") filed by Salcon Engineering Berhad ("Salcon") against Circle Ring Network Sdn Bhd ("CRN"), a wholly-owned subsidiary of the Company
Description
:
We refer to the query letter from Bursa Malaysia Securities Berhad dated 15 April 2013 and the Company's announcement made on 12 April 2013 pertaining to the above matter and hereby furnish the following additional information:-
1. The date of presentation of the Writ Summon and Statement of Claim is on 1 April 2013. The Writ of Summon and Statement of Claim was served on CRN on 5 April 2013.
2. We wish to highlight that the interest for the Sum is computed as follows:
a. Interest at the rate of 4% per annum on RM11,111,606.20 from the date filing of the Claim to the date of judgement; and
b. Interest at the rate of 5% per annum on RM11,111,606.20 from the date of judgement to the date of full payment.
3. CRN is not a major subsidiary of EPMB.
4. EPMB does not expect any financial loss arising from this claim as our solicitors believed that CRN has strong defence to the Claim. Currently, EPMB expects that there is no material financial and operational impact of the Writ Summon and Statement of Claim on EPMB and its subsidiaries. EPMB will update the shareholders as and when there are material developments on the matter.
This announcement is dated 15 April 2013.
Query Letter
content
:
We refer to the Company's announcement dated 12 April 2013, in respect of the
aforesaid matter.
In this connection, kindly furnish Bursa Malaysia Securities Berhad ("Bursa
Securities") with the following additional information for public release:-
1. The date of presentation of the Writ Summon and Statement of Claim and the
date on which the Writ Summon and Statement of Claim was served on CRN.
2. Quantification of the claim for interest for the Sum.
3. Whether CRN is a major subsidiary of EP Manufacturing Bhd ("EPMB"). If yes,
to provide the total cost investment in CRN.
4. The financial and operational impact of the Writ Summon and Statement of
Claim on the EPMB and its subsidiaries.
Please furnish Bursa Securities with your reply within one (1) market day from
the date hereof.
Yours faithfully
HENG TECK HENG
Head, Issuers
Listing Division
Regulation
HTH/TEK
c.c:- General Manager and Head, Market Surveillance, Securities Commission
(via fax)
