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MATERIAL LITIGATION TFP SOLUTIONS BERHAD ("TFP" OR "THE COMPANY") - KUALA LUMPUR HIGH COURT WINDING UP PETITION NO. 28NCC-377-05/2015 AGAINST CLARITY OSS (MALAYSIA) SDN. BHD. ("PETITION")

TFP SOLUTIONS BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
TFP SOLUTIONS BERHAD ("TFP" OR "THE COMPANY") - KUALA LUMPUR HIGH COURT WINDING UP PETITION NO. 28NCC-377-05/2015 AGAINST CLARITY OSS (MALAYSIA) SDN. BHD. ("PETITION")

Unless otherwise stated, all definitions and terms used in this announcement shall have the same meanings as defined in the previous announcements.

Further to the announcements dated 15 May 2015 and 22 July 2015, the Board of TFP wishes to clarify that Clarity OSS (Malaysia) Sdn Bhd ("Respondent") through its solicitors' letter, Messrs Alvin John & Partners, dated 10 July 2015, to Messrs H. L. Teh & Associates, the solicitors of Tech3 Solutions Sdn Bhd ("Petitioner"), a wholly-owned subsidiary of TFP, offered the sum of RM1,700,241.48 as full and final settlement of its debt to the Petitioner.

The Petitioner accepted the offer and received the sum of RM1,700,241.48 on 14 July 2015.

The withdrawal of the Petition after the full recovery of the debt will not have any material financial effect on TFP's net asset, earnings per share and gearing as the Company has not made any impairment or write-off on the debt.

This announcement is dated 23 July 2015.






Announcement Info

Company Name TFP SOLUTIONS BERHAD
Stock Name TFP
Date Announced 23 Jul 2015
Category General Announcement for PLC
Reference Number GA1-23072015-00039




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