News

Reference is made to the announcement by Kejuruteraan Asastera Berhad ("KAB") dated 13 July 2020 and query letter from Bursa Malaysia Securities Berhad dated 16 July 2020 in relation to the aforesaid matter. 

Unless otherwise stated, defined terms used in this reply shall have the same meanings as those used in the Announcement.

The Board wishes to provide additional information in respect of the Suit:-

1.The interest rate on the amount claimed for.

The interest rate claimed on the amount claimed is 5% per annum on the judgement sum.

2.The estimated potential liability to KAP group arising from the Summons.

The suit is only at the stage of pleadings, and pleadings is not closed yet.  At this early stage, it is premature, and hence difficult to quantify the potential liability to the KAB group.

Nevertheless, we have obtained legal opinion that:

1. The Counterclaim is baseless as against KAB, and steps will be taken to apply to strike out the Counterclaim as against KAB, or to remove KAB as a party to the Counterclaim;

2. The Counterclaim as against KABT, and Dato' Lai Keng Onn lacks merits, and is unlikely to succeed.

As such, the Counterclaim is not expected to have material financial or operational impact on the group.

This announcement is dated 17 July 2020.