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

Company Name

R&A TELECOMMUNICATION GROUP BERHAD

Stock Name

RA

Date Announced

22 Feb 2016

Category

General Announcement for PLC

Reference Number

GA1-22022016-00032

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

Type

Announcement

Subject

OTHERS

Description

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

-NOTICE OF RECALL

Further to the Company’s announcement dated 4 December 2015, 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 19 February 2016 each received a notice of recall dated 17 February 2016 (“Notices of Recall”) from solicitors acting on behalf of United Overseas Bank (Malaysia) Bhd (“UOBM”).

The Notices of Recall were for the sum of RM776,529.95 (“Outstanding Sum”) being the amount in arrears/excess as at 31 December 2015 together with interest thereon at the rate of 3.5% per annum above UOBM’s Base Lending Rate on monthly rests basis from 1 January 2016 to date of final payment. This is 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.

As stated in the Notices of Recall, the Outstanding Sum together with interest accruing thereon are to be settled within seven (7) days from the date of the Notices of Recall, failing which UOBM will commence legal proceedings against R&A and RASB for the recovery of all monies due and owing without further reference to R&A and RASB in which event R&A and RASB will be liable for additional interest and costs.

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 the creditors.

This announcement is dated 22 February 2016.

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