GDB Holdings Bhd (GDB) announced that its wholly-owned subsidiary Grand Dynamic Builders Sdn Bhd (GDBSB) had filed winding up petition with the Kuala Lumpur High Court against KSK Land Sdn Bhd (KSK Land) today (Jan 9).
In a Bursa filing today, GDB said the (filing of winding up petition) is in pursuant to Section 465(1)(e) and/or Section 465(1)(h) of the Companies Act 2016.
The group said the petition filed by GDBSB seeks, among other matters, that KSK Land be wound up by the court pursuant to Section 465(1)(e) and/or Section 465(1)(h) of the Companies Act 2016.
Besides that, the petition also seek that private liquidator nominated by the GDBSB be appointed as the liquidator of KSK Land by the court and that the cost of and incidental to the petition be paid out of KSK Land’s assets as well as other order the court deems fit or appropriate, it added.
Previously, the group has informed in its Dec 21 announcement that GDBSB had successfully obtained court order that set aside the KSK’s restraining order against its creditors as well as an ex parte court order for leave to summon a meeting with said creditors, as part of a proposed scheme of arrangement.
In June 2023, GDBSB reportedly sued KSK Land for RM102.08 million for purportedly breaching its obligations under a corporate guarantee made in August 2022.
GDBSB was appointed as the main contractor for 8 Conlay, a mixed development project at Jalan Conlay, Kuala Lumpur after its parent company GDB secured the letter of intent from KSK Land in October 2020, according to reports.
In April last year, KSK Land had terminated its contract with GDBSB for the project.
