MATERIAL LITIGATION IRE-TEX CORPORATION BERHAD (Ire-Tex or the Company) -Writ of Summons and Statement of Claim by Zoomic Technology (M) Sdn. Bhd. ("ZTSB"), a wholly-owned subsidiary of Ire-Tex against Teh Eng Huat in the High Court of Malaya at Penang (Civil Suit No.: PA-22NCVC-186-09/2016)

IRE-TEX CORPORATION BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
IRE-TEX CORPORATION BERHAD (Ire-Tex or the Company)
-Writ of Summons and Statement of Claim by Zoomic Technology (M) Sdn. Bhd. ("ZTSB"), a wholly-owned subsidiary of Ire-Tex against Teh Eng Huat in the High Court of Malaya at Penang (Civil Suit No.: PA-22NCVC-186-09/2016)

The Board of Directors of Ire-Tex wishes to announce that ZTSB decided to discontinue the action against the Defendant in Penang High Court Civil Suit No PA-22NCVC-186-09/2016.

The brief reasons for the discontinuance of the action against the Defendant are as follows:-

  1. The material facts and evidence supporting the claim against the Defendants have been considered and the Company is of the view that in light of the circumstances, it would be prudent to discontinue the action against the Defendants.
  2. The Company has also taken into consideration the costs which yet to be expended as a basis to discontinue the suit against the Defendants.
  3. Given the matters above, the ZTSB had, via its solicitors, Messrs Wei Li Tan & Cheong, filed a Notice of Discontinuance on 4 April 2017 to withdraw the suit against the Defendants with no order as to costs.
  4. The Notice of Discontinuance of the suit has no financial impact on the group or any material effects that may incur any further losses on the earnings or net assets of the Company.

This announcement is dated 26 AprilĀ 2017.






Announcement Info

Company Name IRE-TEX CORPORATION BERHAD
Stock Name IRETEX
Date Announced 26 Apr 2017
Category General Announcement for PLC
Reference Number GA1-26042017-00082