PESTEC International Bhd said the winding-up petition filed against the company by SPECO appears to involve an alleged claim of about US$10 million, with the hearing fixed for Oct 5, 2026 at the Kuala Lumpur High Court.
In a reply to Bursa Malaysia’s query, PESTEC said the petition appears to have been filed on Aug 3, 2026, based on a Notice of Advertisement forwarded to the company by Bursa Malaysia on Sept 8.
The company said the petition relates to an alleged amount purportedly due under a corporate guarantee which PESTEC continues to dispute.
“At this juncture, the company is unable to ascertain the exact particulars of the claim under the winding-up petition,” it said, adding that the amount is estimated at approximately US$10 million based on information currently available.
PESTEC said it does not expect the winding-up petition to have any material financial or operational impact on the group at this stage.
It also said it does not presently expect any potential liability arising from the petition because the validity and enforceability of the purported corporate guarantee are being challenged in a separate civil suit.
PESTEC said the disputed guarantee was allegedly executed by a former member of its previous management and the company’s former secretary under the company seal without approval from the previous board, as required under the company’s constitution.
The group further said the purported guarantee was never part of its corporate records and was not recognised as a liability, obligation or contingent liability in its audited financial statements for the financial years ended 2022, 2023, 2025 and 2026.
According to PESTEC, the guarantee was also not disclosed in a disclosure letter issued by the then directors on Oct 4, 2024 in connection with the subscription agreement between the company and Dhaya Maju Infrastructure (Asia) Sdn Bhd.
The company said it is currently seeking legal advice and taking steps to protect its interests in relation to the winding-up proceedings.
PESTEC had also announced on Sept 17 that it obtained an ad interim injunction restraining SPECO from enforcing, executing, demanding or taking steps to enforce the disputed corporate guarantee.
