General Announcement for PLC

11/08/2020

MATERIAL LITIGATION KUALA LUMPUR HIGH COURT CIVIL SUIT NO. WA-24NCC-321-08/2020: JONATHAN CHONG TEIK CHEH & 1 ANOR V. SILVER RIDGE HOLDINGS BHD. & ORS ("LITIGATION")

SILVER RIDGE HOLDINGS BHD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-10082020-00002
Subject MATERIAL LITIGATION KUALA LUMPUR HIGH COURT CIVIL SUIT NO. WA-24NCC-321-08/2020: JONATHAN CHONG TEIK CHEH & 1 ANOR V. SILVER RIDGE HOLDINGS BHD. & ORS ("LITIGATION")
Description 
SILVER RIDGE HOLDINGS BERHAD ("SRHB" OR "THE COMPANY")
- Kuala Lumpur High Court Civil Suit No. WA-24NCC-321-08/2020 : Jonathan Chong Teik Cheh & 1 Anor v. Silver Ridge Holdings Bhd. & Ors
Query Letter Contents

We refer to your Company’s announcement dated 7 August 2020, in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

1) The names of all the defendants, and clarification as to which party is the “1st Defendant”.
2) The estimated potential liability to Silver Ridge Holdings Bhd and its subsidiaries (“Group”) arising from the Litigation.
3) The financial and operational impact to the Group arising from the Litigation.

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

 

Yours faithfully,
Listing
Regulation

Cc : Market Surveillance Dept. , Securities Commission (via fax)

On behalf of the Board of Directors of Silver Ridge Holdings Berhad (“Company”), we wish to announce that the Company had on 10 August 2020 received a query from Bursa Malaysia Securities Berhad for additional information in respect of the announcement made on 7 August 2020 pertaining to the material litigation:-

 

1.         The names of all the defendants are:

  1. Silver Ridge Holdings Bhd. (Company no: 667785-W)
  2. Dato’ Samsudin Bin Abu Hassan (Chairman/ Independent Non-Executive Director)
  3. Dato’ Mohd Suhaimi Bin Abdullah (Managing Director/ Executive Director)
  4. Mohd Zahari Bin Osman (Independent Non-Executive Director)
  5. Wong Chee Keong (Executive Director)
  6. Voon Sze Lin (Non-Independent & Non-Executive Director)
  7. Satila Binti Dato’ Mohd Suhaimi (Chief Executive Officer/ Executive Director)
  8. Syakur Bin Dato’ Mohd Suhaimi (Deputy Managing Director/ Executive Director)
  9. Syauqat Bin Dato’ Mohd Suhaimi (Alternate Director to Syakur Bin Dato’ Mohd Suhaimi/Executive Director)

 

2.         There are no expected immediate or potential financial liabilities to the Company and its subsidiaries as the said litigation are in its preliminary stages of deliberations in the High Court and it concerns the calling of a members’ meeting. However, the Board expects to incur legal fees and related expenses thereto to oppose the said suits (originating summons no: WA-24CC-321-08/2020), which sum shall be financed through the Company's internally generated sources.

 

3.         The Board is of the view that the financial impact to the group's finances shall be limited to the amount being spent on the expenses as paragraph 2 above as those sum shall be expensed out to the profit and loss accounts during the Group's operating results for its financial year ending 30 June 2021 and that there will be no impact to the Group’s operations.

 

4.         The Company shall make further announcement accordingly, if any, and as required in due course.

 

This announcement is dated 11 August 2020.

 

 


Announcement Info

Company Name SILVER RIDGE HOLDINGS BHD
Stock Name SRIDGE
Date Announced 11 Aug 2020
Category General Announcement for PLC
Reference Number GA1-07082020-00034


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