07 January 2011
| Type | Reply to query |
| Reply to Bursa Malaysia's Query Letter - Reference ID | NM-110106-46424 |
| Subject | KUALA LUMPUR HIGH COURT (CIVIL DIVISION) CIVIL SUIT NO. S-22NCVC-42-2010 AINB TECH (M) SDN BHD v TELEKOM MALAYSIA BERHAD |
| Contents | We refer to the query from Bursa Malaysia Securities Berhad dated 6 January 2011, regarding TM's announcement dated 5 January 2011 on the above matter [Reference No.: TM-110105-61547], requiring TM to furnish the expected losses, if any, arising from the Writ of Summons dated 18 October 2010 and the Judgment in Default dated 2 December 2010. |
| Query Letter Content | We refer to your announcement dated 5 January 2011 in respect of the above matter. In this connection, kindly furnish the Exchange with the following information for public release:- The expected losses, if any, arising from the writ of summons/judgement in default. Please furnish Bursa Securities with your reply within one (1) market day from the date hereof. Yours faithfully TAN YEW ENG Head, Issuers Listing Division Regulation TYE/NMA c.c:- Head, Market Surveillance Department, Market Supervision Division, Securities Commission (via fax) |
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Further to our announcement dated 5 January 2011, TM wishes to clarify that it was not aware of the legal suit until the Judgment in Default was received on 3 January 2011. Based on the information available to TM, the Writ of Summons dated 18 October 2010 was not served at TM’s registered office address. TM only obtained details of the Writ of Summons when it was provided by AINB’s solicitors to TM’s appointed solicitors on 4 January 2011.
As previously announced, TM is taking appropriate steps to apply to set aside the Judgment in Default in Court (“Setting Aside Application”). Pending the Court’s decision with regard to the Setting Aside Application, TM is not expected to incur any losses. However, in the event that the decision of the Court is not in favour of TM, the expected losses to be incurred would be the sum of RM25 million and such further amounts as detailed out in TM’s previous announcement dated 5 January 2011. A further announcement will be made on any material development of the legal suit. |
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| Company Name | TELEKOM MALAYSIA BERHAD |
| Stock Name | TM |
| Date Announced | 7 Jan 2011 |
| Category | General Announcement |
| Reference No | TM-110107-01249 |