UPDATE ON MATERIAL LITIGATION: AMBANK ISLAMIC BERHAD vs ONETEXX SDN BHD (FORMERLY KNOWN AS SUPER TRANS COMPOSITE PRODUCTS SDN BHD)
Further to the Company's announcements on 9 June 2020, 9 July 2020, 21 July 2020 , 23 July 2020 and 29 September 2020 in respect of the foreclosure proceedings brought by Ambank Islamic Berhad (“AmIslamic”) against Onetexx Sdn Bhd (formerly known as Super Trans Composite Products Sdn Bhd) (“Onetexx” or “the Defendant”) on its Properties comprising of Lots No: 20806, 20807, 20808, 20809, 20817, 20818 and 20819, Mukim Asam Kumbang, Daerah Larut dan Matang, Perak (“the Properties”) for the recovery of claimed sums of RM5,243,906.57 (as of 28 February 2020), RM4,870,730.32 (as of 28 February 2020), interests and costs of RM3,500.00 (subject to allocator) whereby the Order for Sale was granted by the Court on 28 February 2020.
The auction for the Properties was initially fixed for auction on 24 September 2020 but AmIslamic had subsequently filed a Notice of Discontinuance on 10 September 2020. The Company wishes to announce that AmIslamic has refiled the above suit to get a further direction from the Court to fix a new auction date for the Properties whereby we have received a sealed copy of the Notice of Application dated 16 October 2020 together with the Affidavit in Support from AmIslamic's solicitors today in relation to the above suit.
WRIT OF SUMMON AND STATEMENT OF CLAIM ON PENGANGKUTAN AWAM PUTRAJAYA TRAVEL & TOURS SDN BHD (PAPTT) FROM TRANSIT SOLUTION SALES & SERVICES SDN BHD (TSSB (WRIT OF SUMMON) GETS GLOBAL BERHAD
1. The estimated potential liability to the group arising from the Writ of Summon.
In the books of PAPTT, the amount of outstanding liability to TSSB is currently recorded as RM324,110.46. Should the claim be granted by the court a further liability of RM4,770.20 will be incurred plus additional interest charges of 5% p.a. and costs to date of settlement. 2. The financial and operational impact of the Writ of Summons on the Group.
The financial impact of the petition, if granted, will be an outflow of cash funds amounting to RM328,880.66 and interest charges of 5% p.a. and costs granted. There is no operational impact. 3. A confirmation as to whether PAPIT is a major subsidiary.
Yes 4. The steps taken or proposed to be taken by the listed issuer in respect of the Writ of Summon.
PAPTT will initiate a negotiation with the claimant for out of court amicable settlement. Notwithstanding that, PAPTT reserves its right to challenge the claim if no out of court settlement agreement concluded between the parties. This announcement is dated 30 September 2020.
ProXmask™ registered with US FDA TheEdge Thu, Nov 05, 2020 10:40am - 5 minutes ago
Honsin Apparel Sdn. Bhd., a wholly-owned subsidiary of Prolexus Berhad (Prolexus), is registered with the U.S. Food and Drug Administration (FDA) for face mask for general public / healthcare personnel per Immediately in Effect Guidance (IIE Guidance). The registration is expected to expand ProXmask™ export market horizon to the US market to curb Covid-19 pandemic.
Prolexus, which is already an established international sportswear manufacturer, has aggressively responded to the unprecedented pandemic crisis through the development of ProXmask™ as one of its core products. Prolexus aspires to deliver high quality reusable functional fabric mask to ensure effective protection for everyone against the virus.
Prolexus revealed its cutting edge ProX™ anti-virus technology which inactivates bacteria and viruses, including >99% SARS-CoV-2, the virus responsible for Covid-19. The technology, accompanied with its water repellency and microfiltration properties, enables ProXmask™ to be both protective and preventive, benefiting both self and others in close proximity. The absence of self-disinfection property in conventional disposal masks however, increases the risk of disease spread upon improper handling and disposal.
Moreover, the reusability of ProXmask™ makes it an eco-friendly and cost-effective choice. It stays effective up to 60 wash cycles, making it equivalent to at least 120 disposal masks, assuming a 4 to 6 hours of usage lifespan (as doctors' advise) per disposal mask. Its protective features also exceed the ones in disposal masks, making it a value for money product.
ProXmask™ protective features have passed the test conducted by various international accredited laboratories. Backed by its advanced ProX™ anti-virus technology, Prolexus is set to explore innovative market segments such as personal protective apparels, a new emerging sportswear category. Prolexus marketing is actively working towards serving prospective clients with interest in protective and functional activewears.
Material Uncertainty Related to Going Concern (a) As disclosed in Note 1(d)(i) to the financial statement, the Group and the Company incurred net losses of RM20,006,415 and RM65,419,013 respectively during the financial year ended 30 June 2020. As of that date, the Group’s and the Company’s current liabilities exceeded the current assets by RM46,461,312 and RM13,337,292 respectively and the Company also recorded shareholder deficiency of RM13,337,242 and also significant economic disruption associated with the Covid-19 pandemic indicating that a material uncertainty exists that may cast significant doubt on the Group’s and on the Company’s ability to continue as a going concern.
Material Uncertainty Related to Going Concern (continued) (b) As disclosed in Note 1(d)(ii), Note 23 and Note 33 to the financial statements, the Group and the Company had defaulted the principal and interest payments amounting to approximately RM20.1 million on its borrowing from AmBank Islamic Bank Berhad (“AmIslamic”), AmBank Berhad (“AmBank”) and Hong Leong Bank Berhad (“HLBB”) due to its financial constraints and summary of judgement had been awarded on 23 January 2020, 5 June 2020 and 25 February 2020 respectively. The winding up notice were served to the Group by AmIslamic on 13 July 2020 and Ambank on 2 July 2020. On 2 March 2020, the Courts had granted the banks with the Order for Sale by public auction on the charged properties secured against the borrowing facilities of the Group. The auction of the said Property was fixed by the court on 24 September 2020. (c) As disclose in Note 1(d)(iii) the Company and certain subsidiaries have pending material litigations with financial institutions and creditors as detailed in Note 33 to the financial statements and is also in negotiation with the creditors that have issued a notice or petition of winding up for out an amicable settlement. The above events and conditions indicate that a material uncertainty exists that may cast significant doubt on the Group’s and the Company’s ability to continue as going concerns and therefore, the Group and the Company may be unable to realise their assets and discharge their liabilities in the normal course of business.
However, the Group on 8 September 2020, announced its intention to undertake the following:- i. Proposed private placement of 158,000,000 new ordinary shares in GETS ("Placement Share(s)") at an issue price of RM0.55 per Placement Share to be satisfied entirely via cash ("Proposed Private Placement"); and ii. Proposed diversification of the existing principal activities of GETS and its subsidiaries to include manufacturing, sales and marketing of gloves and other related activities ("Proposed Diversification"). Pursuant to Subscription Agreement date 8 September 2020, ADA Capital Limited (“ADA Capital”), has advanced approximately RM30 million on 11 September 2020 to the Company upon the execution of the Subscription Agreement. The advance is deposited with the stakeholder. These funds are for the immediate utilisation of the Company includes repayment of outstanding borrowings, repayment of outstanding creditors and for its working capital requirements. The Company on 7 October 2020 had fully settled its outstanding borrowing with Hong Leong Bank and in the midst of negotiation with AmBank and AmIslamic for full and final settlement amount. On 10 September 2020, AmIslamic had also filed a Notice of Discontinuance of proceeding against the subsidiary’s properties comprising of recovery of claimed sums, interests and costs whereby the Order for Sale was granted by the Court.
AUDIT REPORT - MODIFIED OPINION / MATERIAL UNCERTAINTY RELATED TO GOING CONCERN MATERIAL UNCERTAINTY RELATED TO GOING CONCERN Unqualified Opinion With Material Uncertainty Related To Going Concern In The Audited Financial Statements For The Financial Year Ended 30 June 2020
Mother of all budgets to the rescue TheStar Sat, Nov 07, 2020 07:30am - 2 hours ago
Sales tax exemption for purchase of buses
With the objective to reduce the burden of bus operators who have been affected by movement restrictions and the slump in the tourism industry, the government announced that the sales tax exemption for the purchase of locally assembled bus including air conditioner will be extended.
This will be in effect for a period of two years from Jan 1,2021 until Dec 31,2022. Listed bus operators on Bursa Malaysia such as Konsortium Transnasional Bhd and GETS Global Bhd may benefit from the sales tax exemption.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
TuaTuaLiap
190 posts
Posted by TuaTuaLiap > 2020-10-22 09:17 | Report Abuse
can still hoop on the bus and goreng?