Ahmad Zaki Resources Bhd (AZRB) announced that its wholly-owned subsidiary, Ahmad Zaki Sdn Bhd (AZSB), is opposing the winding-up petition that it (AZSB) received from Versalink Marketing Sdn Bhd (Versalink).
The Petition was presented by the Petitioner to the High Court of Malaya on 10 May 2023.
In a Bursa filing today (Oct 24), the group said AZSB is opposing the petition and has filed an appeal against the winding-up court’s decision in dismissing AZSB’s application to set-aside or stay the Petition.
A date has not been given by the Court of Appeal, the group said.
The petitioner claims AZSB had failed to settle the total outstanding amount of RM1,811,777.28 including interest as of 12 April 2023.
The said sum is premised on a High Court Order dated 3 April 2023 allowing Versalink to enforce the Adjudication Decision dated 8 August 2022 which was delivered pursuant to the Construction Industry Payment Adjudication Act 2012.
Meanwhile, the group said that a sum of RM738,578.37 has been released to Versalink pursuant to a Garnishment Order dated 05 October 2023, leaving a balance of RM1,073,198.91.
“AZSB is continuing with its civil suit initiated against Versalink on 18 February 2022 wherein AZSB claimed RM1,679,815.82 and Versalink counterclaimed RM1,543,867.84,” it said.
It also said that the suit is fixed for trial in January 2024.
“We remain in discussions with Versalink to resolve the matter amicably,” it added.
AZRB also pointed out that AZSB is not a major subsidiary of the group, with the total cost of investment amounting to RM165,300,847.
“The company and its subsidiaries (AZRB group) do not expect any financial and operational impact arising from the filing of the petition. Save for legal fees and disbursements involved, the AZRB group is not expected to incur losses arising from the petition.”
