MATERIAL LITIGATION Kuala Lumpur High Court Writ of Summons dated 29 March 2021 No. WA-22NCC-144-03-2021 - Tamaco Plantation Sdn. Bhd. (Company No. 45922-D) (referred to as "Plaintiff") vs TH Plantations Berhad ("THP" or "the Company") (referred to as "Defendant")
|TH PLANTATIONS BERHAD|
Kuala Lumpur High Court Writ of Summons dated 29 March 2021 No. WA-22NCC-144-03-2021 - Tamaco Plantation Sdn. Bhd. (Company No. 45922-D) (referred to as "Plaintiff") vs TH Plantations Berhad ("THP" or "the Company") (referred to as "Defendant")
THP wishes to announce that the Company on 30 March 2021 has been served with a sealed copy of a Writ of Summons dated 29 March 2021 from the Plaintiff.
The brief facts of the case are as follows:
On 5 December 2019, THP had entered into a Share Purchase Agreement with the Plaintiff to dispose its entire equity interests in Bumi Suria Ventures Sdn. Bhd. and Maju Warisanmas Sdn. Bhd. (“SPA”). On 24 November 2020, the last conditions precedent to be fulfilled i.e. Economic Planning Unit of the Prime Minister’s Office (“EPU”) approval was obtained. However, on 4 December 2020, the said EPU approval was withdrawn by EPU.
The Long Stop Date of the SPA to satisfy the conditions precedent expires on 31 March 2021. The Plaintiff has requested for a further extension of the Long Stop Date. However, THP has decided not to extend the Long Stop Date.
Consequent thereto, the Plaintiff has initiated a Writ of Summons against THP.
The relief sought under the Writ of Summons, amongst others, are as follows:-
a. A declaration that the Plaintiff and the Defendant are entitled to continue to complete the SPA;
b. A declaration that the time to complete the SPA and/or long-stop date is independent (at large);
c. A declaration that the Defendant was estopped by its own conduct to terminate the SPA;
d. A permanent injunction order be granted to the Plaintiff against the Defendant to prohibit the Defendant from terminating the SPA;
e. A specific performance order be given to the Plaintiff against the Defendant to perform the SPA; and
f. General, exemplary and aggravated damages.
The ex-parte Notice of Application has been required by the Court to be heard inter parte on 31 March 2021. This application seeks an interlocutory injunction to restrain the Company from terminating the SPA whilst awaiting the determination of the Writ of Summons.
The Company is in consultation with its solicitors and will make the necessary announcement as and when there are further developments in relation thereto.
This announcement is dated 30 March 2021.
|Company Name||TH PLANTATIONS BERHAD|
|Date Announced||30 Mar 2021|
|Category||General Announcement for PLC|