PRACTICE NOTE 17 / GUIDANCE NOTE 3 : MONTHLY ANNOUNCEMENT
R&A TELECOMMUNICATION GROUP BERHAD
Type Announcement Subject PRACTICE NOTE 17 / GUIDANCE NOTE 3 MONTHLY ANNOUNCEMENT Description R&A TELECOMMUNICATION GROUP BERHAD ("RA" OR "THE COMPANY") - ANNOUNCEMENT PURSUANT TO GUIDANCE NOTE 3 ("GN3") OF THE ACE MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD For consistency, the abbreviations used throughout this announcement shall have the same meanings as defined in the announcement dated 5 May 2015 in relation to GN3, where applicable, unless stated otherwise or defined herein.
Further to the Company’s announcement dated 4 January 2016 in compliance with Paragraph 4.1 of GN3, the Board of Directors of RA wishes to inform that the Company is still in the midst of evaluating various options in its endeavour to formulate a regularisation plan to address its GN3 status (“Regularisation Plan”).
Premised on the First Announcement, the Company is required to submit the Regularisation Plan to the relevant authorities by 5 May 2016 which is approximately four (4) months from the date hereof.
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.
Don't touch...even if it is so Cheap...Cheap doesn't mean good in this case...because this company is having huge losses. I rather play healthy company.
Premised on the First Announcement, the Company is required to submit the Regularisation Plan to the relevant authorities by 5 May 2016 which is approximately two (2) months from the date hereof.
my dear old friend, you're once my hero, I did made profit from you before, but now ... you look tired and weak .... may your soul rest in p.e.a.c.e. AMEN !
Francis Tan and wife alrdy cash out long time liao, balance want or dun want oso never mind liao, after all the company is in .................. deep shit liao !
MATERIAL LITIGATION R&A TELECOMMUNICATION GROUP BERHAD ("R&A" OR "THE COMPANY") - SHAH ALAM HIGH COURT ORIGINATING SUMMONS NO. 24MFC-318-11/2015: SEALED ORDER SERVED BY MAYBANK ISLAMIC BERHAD ("THE PLAINTIFF"), ON R&A TELECOMMUNICATION SDN. BHD. ("RASB"), A WHOLLY OWNED SUBSIDIARY OF R&A ("DEFENDANT").
This article first appeared in The Edge Financial Daily, on March 18, 2016.
KUALA LUMPUR: R&A Telecommunication Group Bhd said the properties of its wholly-owned unit will be auctioned off to settle a sum of RM31.24 million owing to Maybank Islamic Bhd.
In a filing with Bursa Malaysia, R&A said the High Court in Shah Alam has allowed the bank’s application to dispose of the properties via an auction. The auction is scheduled to be held at the court on May 5.
This follows the failure by the subsidiary R&A Telecommunication Sdn Bhd (RASB) to settle the financing it had obtained from the bank, that was secured by a charge on its properties located in Mukim Damansara in Selangor’s Petaling district.
R&A said the operational impact of the court order on the group is minimal, as the business activities that were being carried out at the properties had ceased.
“Financially, the group will record a gain or loss on disposal, depending on whether the sale price of the properties at the auction is higher or lower than the carrying value,” it said.
R&A triggered Guidance Note 3 (GN3) of the ACE Market Listing Requirements of Bursa Malaysia Securities last year. This was after auditors expressed a disclaimer opinion, highlighting areas of concern with its financial accounting in the company’s audited financial statements for the year ended Dec 31, 2014.
R&A has 12 months to submit a regularisation plan to Bursa Securities and obtain the bourse’s approval to implement the plan.
Yesterday, R&A said it will address the court order via its regularisation plan. “Once the regularisation plan is finalised, a settlement is proposed to be put forward to our creditors,” it said.
For consistency, the abbreviations used throughout this announcement shall have the same meanings as those defined in the announcements dated 16 October 2015 and 17 March 2016 in relation to the above matter, where applicable, unless stated otherwise or defined herein.
Further to the Company’s announcements made on 16 October 2015, 21 October 2015, 1 December 2015 and 17 March 2016, the Board of Directors of R&A wishes to announce that RASB, a major subsidiary of the Company, had on 28 March 2016 been served a sealed notice of application dated 15 March 2016 from Messrs. Lee Hishammuddin Allen & Gledhill, the solicitors acting for the Plaintiff, in relation to the appointment of a Licensed Auctioneer to dispose of the Properties.
The aforesaid matter has been fixed for hearing on Monday, 18 April 2016 at 9:00 a.m. at the Shah Alam High Court.
Further development on the above matter will be announced to Bursa Malaysia Securities Berhad in due course.
This announcement is dated 29 March 2016.
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