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

Company Name

R&A TELECOMMUNICATION GROUP BERHAD

Stock Name

RA

Date Announced

18 Jan 2016

Category

General Announcement for PLC

Reference Number

GA1-18012016-00061

WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR R&A TELECOMMUNICATION GROUP BERHAD (R&A OR THE COMPANY) - WINDING-UP PETITION SERVED ON R&A METALS SDN. BHD., A WHOLLY OWNED SUBSIDIARY OF R&A PURSUANT TO SECTION 217(1)(b) AND 218(1)(e) OF THE COMPANIES ACT, 1965

Type

Announcement

Subject

WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR

Description

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

- WINDING-UP PETITION SERVED ON R&A METALS SDN. BHD., A WHOLLY OWNED SUBSIDIARY OF R&A PURSUANT TO SECTION 217(1)(b) AND 218(1)(e) OF THE COMPANIES ACT, 1965

INTRODUCTION

The Board of Directors of R&A (“Board”) wishes to announce that R&A Metals Sdn. Bhd. (“RMSB”), a wholly owned subsidiary of the Company had, on 15 January 2016 received a winding-up petition dated 13 January 2016 served on RMSB, by Yick Hoe Ferrous Steel Sdn. Bhd. (“YHFS”).

INFORMATION ON THE WINDING-UP PETITION

The winding-up petition against RMSB was presented to the High Court of Malaya at Kuala Lumpur [Winding-up No. WA-28NCC-36-01/2016] by YHFS on 13 January 2016 and a copy was served on RMSB on 15 January 2016. The case management is fixed for 26 January 2016.

(b) The particulars of the claim under the winding-up petition

RMSB was indebted to YHFS as follows:-

                             

The aforesaid debt is in respect of an outstanding sum due and owing to YHFS for goods sold and delivered and/or services rendered to RMSB at RMSB’s request.

YHFS had on 18 September 2015 made a demand to RMSB by serving a Notice pursuant to Section 218 of the Companies Act, 1965 (“Notice”) dated 18 September 2015 for payment of the said debt to be made within twenty-one (21) days from the date of receipt of the Notice by leaving the said Notice at the registered office of RMSB and RMSB’s last known business address.

More than twenty-one (21) days have elapsed since YHFS served the said Notice but RMSB has failed, refused and/or neglected to pay or to satisfy the said sum in whole or in part to make any offer to YHFS to secure or compound the same. YHFS has claimed that RMSB is, therefore, insolvent and unable to pay its debts and in the circumstances, it is just and equitable that RMSB should be wound up.

(d) Confirmation on status of RMSB as a major subsidiary of R&A, and total cost of investment in R&A

RMSB is a wholly-owned subsidiary of R&A and the total cost of investment in RMSB is RM100,000.00.

The financial and operational impact of the winding-up proceedings on the Group is minimal as RMSB has ceased operations since June 2015.

The expected losses, if any, arising from the winding-up proceedings is minimal as RMSB has ceased operations since June 2015.

(g) Steps taken or proposed to be taken by R&A in respect of the winding-up proceedings

R&A is expected to address this issue via regularisation plan. Once the regularisation plan is finalised, a settlement is proposed to be put forward to our creditors.

The announcement is dated 18 January 2016.

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