MATERIAL LITIGATION IRE-TEX CORPORATION BERHAD ("ITCB" OR "THE COMPANY") - CLAIM MADE BY AIRDEX INTERNATIONAL INC. ("AIRDEX") AGAINST SUZHOU STYROTEX PLASTIC CO. LTD ("SSPC"), A WHOLLY OWNED SUBSIDIARY COMPANY OF THE COMPANY

IRE-TEX CORPORATION BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
IRE-TEX CORPORATION BERHAD ("ITCB" OR "THE COMPANY")   - CLAIM MADE BY AIRDEX INTERNATIONAL INC. ("AIRDEX") AGAINST SUZHOU STYROTEX PLASTIC CO. LTD ("SSPC"), A WHOLLY OWNED SUBSIDIARY COMPANY OF THE COMPANY

Reference is made to the Company's announcements dated 13 February 2015 and 17 February 2015. The terms herein shall bear the same meaning as defined in the said announcements.

 

The Board of Directors of the Company wishes to announce that, on 10 August 2015, the wholly-owned subsidiary of the Company, SSPC had obtained the translated judgement from Suzhou City Intermediate People's Court of Jiangsu Province, The People’s Republic of China (“Judgement”) as follows:

 

  1. SSPC to compensate the plaintiff, Airdex, the financial losses and reasonable expenses incurred for stopping the infringement of RMB500,000/-;
  2. Court fees of RMB13,800/-; and
  3. All other prayers by the plaintiff Airdex are dismissed.

 

The Company has instructed SSPC to appeal on the above Judgement and further announcement on any material development will be made as and when appropriate.

 

This announcement is dated 11 August 2015.






Announcement Info

Company Name IRE-TEX CORPORATION BERHAD
Stock Name IRETEX
Date Announced 11 Aug 2015
Category General Announcement for PLC
Reference Number GA1-11082015-00054