Unitrade Industries Berhad (UIB) has withdrawn its winding-up petition against Real Steel Sdn Bhd (RSSB) after both parties reached an amicable settlement involving outstanding payments totalling RM4.24 million.
In a filing with Bursa Malaysia on Thursday, the ACE Market-listed building materials distributor said RSSB has agreed to settle the outstanding sum of RM4,237,605.77 through instalment payments.
The repayment is further secured by a Joint and Several Guarantee and Indemnity dated July 7, 2026, executed by the directors and/or shareholders of RSSB in favour of Unitrade.
Following the agreement and receipt of an initial payment of RM800,000, Unitrade withdrew the winding-up petition on July 9, 2026. The petition was discontinued with no order as to costs and with liberty to file afresh should circumstances require.
The company had previously filed the winding-up petition against RSSB in April this year over outstanding debts.
Unitrade said the receivable from RSSB had already been fully impaired in the group’s quarterly financial results for the period ended Dec. 31, 2025. As a result, the withdrawal of the petition is not expected to have any material financial impact on the company or the group, apart from legal fees and related disbursements incurred during the proceedings.
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