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COMMENCEMENT OF CIVIL PROCEEDING AGAINST BRAS VENTURES BERHAD BY MN POWER TRANSMISSION SDN BHD ("LITIGATION")

MN HOLDINGS BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-11072023-00003
Subject COMMENCEMENT OF CIVIL PROCEEDING AGAINST BRAS VENTURES BERHAD BY MN POWER TRANSMISSION SDN BHD ("LITIGATION")
Description 
MN HOLDINGS BERHAD ("MNHB" or the "Company")
-	ADDITIONAL INFORMATION FOR COMMENCEMENT OF CIVIL PROCEEDING AGAINST BRAS VENTURES BERHAD BY MN POWER TRANSMISSION SDN BHD
Query Letter Contents

We refer to your Company’s announcement dated 10 July 2023, in respect of the aforesaid matter.

 

In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

 

1) The date of the litigation/suit.

2) The estimated potential liability to the MN Holdings Berhad group, arising from the Litigation.

3) The operational impact of the Litigation on the MN Holdings Berhad group.

 

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

(Unless stated otherwise, definitions used in this announcement shall carry the same meaning as defined in the Company’s announcement dated 10 July 2023 in relation to the Commencement of civil proceeding against Bras Ventures Berhad by MN Power Transmission Sdn Bhd)


The Company wishes to provide the following additional information:

 

1. The date of the Litigation is 10 July 2023.

 

2.Apart from the legal fees incurred and the cost awarded by the Court against MN Power Transmission Sdn Bhd in favour of Bras Venture Berhad (in the event that the outcome of the suit is not in favour of MN Power Transmission Sdn Bhd) which is estimated to be approximately RM50,000.00 to RM130,000.00, the Company is of the view that there should not be any other potential liability to MNHB group of companies, arising from the Litigation.

 

3. Save for the legal cost and time in initiating the proceedings, there is no other operational impact arising from the Litigation.

 

This announcement is dated 12 July 2023.


Announcement Info

Company Name MN HOLDINGS BERHAD
Stock Name MNHLDG
Date Announced 12 Jul 2023
Category General Announcement for PLC
Reference Number GA1-12072023-00019




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