|Company Name||Stock Name||Date Announced|
|WZ SATU BERHAD||WZSATU||08 Nov 2019|
|WZ SATU BERHAD|
|Description||WZ Satu Berhad – Writ of Summon and Amended Statement of Claim (High Court at Shah Alam Civil Suit No. BA-22NCVC-469-10/2019)
Plaintiffs: Dato’ William Tan Chee Keong and Mr. Choi Chee Ken
Defendant: WZ Satu Berhad
|The Board of Directors of WZ Satu Berhad (“WZ Satu” or “the Company”) wishes to announce that the Company has on 8 November 2019 received a Writ of Summon (“the Writ”) and Amended Statement of Claim, all dated 24 October 2019 from the Plaintiffs (“the Statement of Claim”) through its solicitor.
The said Writ and the Statement of Claim is in relation to the acquisition of WZS BinaRaya Sdn. Bhd. (formerly known as KenKeong Sdn. Bhd.), a wholly-owned subsidiary which was announced on 7 March 2014.
Pursuant to the Writ and the Amended Statement of Claim, the Plaintiffs are claiming the following:-
The financial impact to WZ Satu Group shall be limited to the amount awarded by the Court in the event the Defendant loses the case. There shall be no impact on the Group’s operations.
WZ Satu is currently seeking professional legal opinion to defend the Writ and Amended Statement of Claim and will make further announcement on the developments in due course.