General Announcement

03/07/2006

KUALA LUMPUR HIGH COURT CIVIL SUIT NO.S7  22- 570 - 2006 MUTU TERATAI SDN BHD -V- MALAYSIA BUILDING SOCIETY BERHAD

MALAYSIA BUILDING SOCIETY BERHAD

Type

Announcement
SubjectKUALA LUMPUR HIGH COURT
CIVIL SUIT NO.S7  22- 570 - 2006
MUTU TERATAI SDN BHD

-V-

MALAYSIA BUILDING SOCIETY BERHAD

Contents :



On 29 June 2006 Malaysia Building Society Berhad (theCompany) was served with a Writ of Summons and Statement of Claim dated 15 June 2006 by Mutu Teratai Sdn Bhd (the Plaintiff) for an alleged breach of the terms of a Facility Agreement dated 28 August 2001 entered into between the Plaintiff and the Company (hereinafter collectively referred to as the Facility Agreement) wherein the Company had agreed to grant to the Plaintiff a bridging loan facility of RM1,200,000 (hereinafter collectively referred to as the Facility) to part finance a housing development on a piece of land described as EMR 234, Lot 423, Mukim Gemereh, Segamat, Johor (hereinafter referred to as the Project)

The Plaintiff have in their statement of claim, alleged that the Company had failed to disburse the Facility pursuant to the terms of the Facility Agreement. As such the Plaintiff has sought for the following reliefs from the Court:-

(a) Damages amounting to RM5,000,000 or such other amount to be determined by the Courts;

(b) Interest at the rate of 8% on the said RM5,000,000 or on the amount to be determined by the Courts from the date of the said Writ of Summons until the date of payment thereof in full;

(c) Costs; and

(d) Such other relief that the Court deems fit and reasonable.

The Company will be filing its appearance in due course and shall respond to the Plaintiffs claim upon receiving their solicitors advice regarding the same.


FINANCIAL AND OPERATIONAL IMPACT OF THE WRIT ON THE GROUP
    A. FINANCIAL IMPACT

        The Company at the moment is seeking legal advice from the solicitors and are unable to determine the financial impact arising from the Writ of Summons. Details of the financial impact will be forwarded in due course.

    B. OPERATIONAL IMPACT ON THE GROUP

        The Company does not foresee any operational impact on the Group arising from the writ.


    Announcement Info

    Company NameMALAYSIA BUILDING SOCIETY BERHAD  
    Stock Name MBSB
    Date Announced3 Jul 2006  
    CategoryGeneral Announcement
    Reference NoMB-060703-53146

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