Shares on YBS International Berhad was halted today after the group reported that it has been served with a winding-up petition filed by Allied Technologies Holdings Pte Ltd over an alleged USD6 million debt arising from a Master Sale and Purchase Agreement (MSPA) between the two parties.
YBS said the winding-up petition, dated August 14, 2026, was served on August 21 and filed at the High Court of Malaya in Penang.
According to YBS, Allied Technologies is claiming USD6 million under the MSPA dated May 28, 2025. A notice of demand was previously issued by Allied Technologies’ solicitors, WongPartnership LLP, on July 9.
However, YBS has rejected the claim and said it considers the petition to be without merit.
The company said it had formally responded through its solicitors, Presgrave & Matthews, on July 24, raising concerns over alleged breaches of contractual warranties by Allied Technologies and an alleged failure to act in good faith under the MSPA.
YBS also said it has a cross-claim and counterclaim against Allied Technologies amounting to approximately USD7.69 million, equivalent to about RM31.12 million, which it believes exceeds the USD6 million debt being claimed. The company said it considers itself entitled to a lawful set-off.
In addition, YBS said it had raised concerns over alleged unauthorised transfers and withdrawals of assets by Allied Technologies, which it is investigating, while reserving all its rights.
The company also maintained that the determination of net liabilities and advances between the relevant group companies should be carried out after completion in accordance with the MSPA. It further reserved its rights concerning the USD6 million security amount retained under the agreement.
YBS said it intends to vigorously defend the petition and pursue its counterclaim.
