09 April 2002
| Type | Reply to query |
| Reply to Query Letter by KLSE reference ID | ZO-020409-59920 |
| Subject | ARTICLE ENTITLED :"Telekom faces Winding Up Petition from Profitera" |
"Telekom Malaysia Bhd. faced a winding up petition after a closely held software provider claimed that the country's biggest phone company failed to repay 3.2 million ringgit ($842,000)."
"...High Court Judge...granted Telekom's request for an interim injunction ..."
We wish to clarify that Telekom Malaysia ("TM") has never been served with any winding-up petition from Profitera Sdn Bhd ("Profitera").
On 1st October 2002, Profitera issued a Notice under Section 218 of the Companies Act, 1965 claiming that TM owed them a sum of RM3.2 Million pursuant to the Contract for the Supply of Credit Management Systems. Since TM disputed the said amount claimed, TM proceeded to file an application for injunction to restrain Profitera from filing a winding-up petition. On 4th April 2002, the High Court dismissed TM's application for the injunction with costs. Immediately thereafter, on behalf of TM, the solicitors made an oral application for an Erinford Injunction and filed the Notice of Appeal on the same day.
An Erinford Injunction is an injunction which an appellant may apply to restrain an act that will render the appeal nugatory. The Court will grant such an injunction only where there is a likelihood of a successful appeal being rendered nugatory or if the plaintiff would not be adequately compensated in damages for the temporary damage between the date of hearing and the disposal of the appeal.
The High Court has fixed the application for Erinford Injunction to be heard on 6th May 2002. Pending the hearing and the disposal of the Erinford Injunction application on 6th May 2002, Profitera will be prevented from presenting the winding-up petition.
We refer to the above news article appearing on Bloomberg, on Tuesday, 9 April
2002, a copy of which is enclosed for your reference.
In particular, we would like to draw your attention to the underlined
sentences, which are reproduced as follows:-
"Telekom Malaysia Bhd. faced a winding up petition after a closely held
software provider claimed that the country's biggest phone company failed to
repay 3.2 million ringgit ($842,000)."
"... High Court Judge ... granted Telekom's request for an interim injunction
..."
In accordance with the Exchange's Corporate Disclosure Policy, you are
requested to furnish the Exchange with an announcement for public release
confirming or denying the above reported article and in particular the
underlined sentences after due and diligent enquiry with all the directors,
major shareholders and all such other persons reasonably familiar with the
matters about which the disclosure is to be made in this respect. In the event
you deny the above sentences or any other part of the above reported article,
you are required to set forth facts sufficient to clarify any misleading
aspects of the same. In the event you confirm the above sentences or any other
part of the above reported article, you are required to set forth facts
sufficient to support the same.
Please furnish the Exchange with your reply by today.
Yours faithfully
LISA LAM
Senior Manager, Listing Operations
LL/ASL/ZOOS
c.c. Securities Commission (via fax)
| Company Name | TELEKOM MALAYSIA BERHAD |
| Stock Name | TELEKOM |
| Date Announced | 9 Apr 2002 |
| Category | General Announcement |
| Reference No | TM-020409-111FE |