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OTHERS ECO WORLD DEVELOPMENT GROUP BERHAD ("COMPANY") UPDATE ON WRIT OF SUMMONS AND STATEMENT OF CLAIM FILED BY THE COMPANY'S WHOLLY-OWNED SUBSIDIARY, HASRAT BUDI SDN BHD ("HBSB"), IN RELATION TO ITS INVESTMENT IN MYSJ SDN BHD ("MYSJ")

ECO WORLD DEVELOPMENT GROUP BERHAD

Type Announcement
Subject OTHERS
Description
ECO WORLD DEVELOPMENT GROUP BERHAD ("COMPANY")

UPDATE ON WRIT OF SUMMONS AND STATEMENT OF CLAIM FILED BY THE COMPANY'S WHOLLY-OWNED SUBSIDIARY, HASRAT BUDI SDN BHD ("HBSB"), IN RELATION TO ITS INVESTMENT IN MYSJ SDN BHD ("MYSJ")

We refer to the announcement on 29 April 2022 in respect of the Writ of Summons and Statement of Claim filed against, amongst others, Entomo Malaysia Sdn Bhd (“Entomo”) and Raveenderen A/L Ramamoothie (“Raveenderen”) for failure to purchase all of HBSB’s shares in MYSJ by 28 April 2022 following the put option exercised by HBSB.

 

The Company wishes to update that a consent judgment has been entered today for Entomo and Raveenderen to jointly and severally complete the put option by purchasing all of HBSB’s shares in MYSJ and paying HBSB within 3 months from today, the sum of RM24.0 million plus premium at the rate of 10% per annum calculated from 27 August 2021 until the date of full payment.

 

This consent judgment will not affect the ongoing legal action filed by HBSB against Revolusi Asia Sdn Bhd, Entomo and Raveenderen for the breach of certain representations and warranties under the share sale agreement as announced on 18 April 2022.

 

 

This announcement is dated 28 July 2022.






Announcement Info

Company Name ECO WORLD DEVELOPMENT GROUP BERHAD
Stock Name ECOWLD
Date Announced 28 Jul 2022
Category General Announcement for PLC
Reference Number GA1-28072022-00051




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