SRB wishes to announce that STSB, a joint venture company between Mercu Sapura Sdn Bhd (“MSSB”) (95%) and Dilog Training & Services Sdn Bhd (“DTSSB”) (5%), whereby MSSB is a wholly-owned subsidiary of SRB, has on 28 February 2023 received a sealed Order namely Companies (Winding-up) Petition No: BA-28NCC-640-11/2022 dated 20th February 2023 from the High Court of Malaya at Shah Alam, Selangor (“the Court”).

SRB wishes to provide further information in relation to the appointment of the Liquidator.

a) The date of appointment:

Mr. Chong Chuan Long is appointed as Liquidator of STSB pursuant to the Court Order on 20 February 2023.

b) The particulars of the Liquidator:

Mr. Chong Chuan Long (NRIC No. 710625-105475) of Messrs. C L Chong & Co of 12-1A, Jalan Perdana 4/3, Pandan Perdana, 55300 Kuala Lumpur.

c) The details of the events leading to the appointment of Liquidator:

On 20 February 2023, and the Court has ordered the following: -

1. STSB be wound up;
2. Mr. Chong Chuan Long of Messrs. C L Chong & Co is appointed as the liquidator of STSB;
3. The remuneration of the Liquidator shall be paid out of the assets of STSB; and
4. All costs shall be paid out of the assets of STSB.

d) The terms of reference of the Liquidator:

The primary objective of the Liquidator is to deal with the affairs and assets of STSB for the benefit of its creditors and persons having rights over the assets, distribute the proceeds in accordance with their respective rights (including shareholders) and having completed these tasks, proceed to dissolve STSB.

e) The financial and operational impact of the aforesaid appointment on the group, if any:

No material financial and operation impact is expected to the Group as STSB is no longer in operation since commencement of winding down activities since March 2022.

f) The effect of the appointment on the business operations of the listed issuer:

Appointment of the Liquidator does not affect the business operation of SRB. 

g) The steps taken or proposed to be taken by the listed issuer in respect of the appointment of the Liquidator:

All the activities of STSB are ceased immediately as the control of the company is now vested in the Liquidator.

h) The role of the board of directors in light of the appointment of the liquidator:

Upon the appointment of the Liquidator, the powers of the board of directors of STSB have ceased.  The board of directors of STSB is no longer required to exercise any function on behalf of STSB.

This announcement is dated 28 February 2023.