R&A Telecommunication Group Bhd
+603 55691801 +603 55695730

Company Name

R&A TELECOMMUNICATION GROUP BERHAD

Stock Name

RA

Date Announced

04 Dec 2015

Category

General Announcement for PLC

Reference Number

GA1-03122015-00021

OTHERS R&A TELECOMMUNICATION GROUP BERHAD ("R&A" OR "THE COMPANY") -NOTICE OF DEMAND

Type

Announcement

Subject

OTHERS

Description

R&A TELECOMMUNICATION GROUP BERHAD ("R&A" OR "THE COMPANY")

-NOTICE OF DEMAND

The Board of Directors of R&A wishes to announce that both the Company and its wholly-owned subsidiary, R&A Telecommunication Sdn Bhd (“RASB”) which is a major subsidiary of the Company, had on 2 December 2015 each received a notice of demand dated 27 November 2015 (“Notices of Demand”) from solicitors acting on behalf of United Overseas Bank (Malaysia) Bhd (“UOBM”).

The Notices of Demand were for the sum of RM763,267.58 (“Outstanding Sum”) being the amount in arrears/excess as at 31 October 2015 in relation to a performance guarantee issued for a project on the construction of unipoles and advertising panels at petrol stations (“Performance Guarantee”) which did not take off as planned.

The Performance Guarantee was called on 6 July 2015 where the claim of RM1.46 million was paid by UOBM. The Outstanding Sum was arrived at after taking into consideration the upliftment of fixed deposit of RM0.73 million and RM0.03 million being interest and late payment charges.

As stated in the Notices of Demand, the Outstanding Sum is to be settled within seven (7) days from the date of the Notices of Demand, failing which UOBM will, amongst others, institute legal proceedings against RASB for any outstanding sum owing without further notice.

The Company and its solicitors are looking into the above matter to negotiate a settlement with UOBM and any material development will be announced in due course.

This announcement is dated 4 December 2015.

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