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MATERIAL LITIGATION Originating Summons - Kuala Lumpur High Court No. WA-22NCC-279-05/2023

ADVANCE INFORMATION MARKETING BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
Originating Summons - Kuala Lumpur High Court No. WA-22NCC-279-05/2023

Reference is made to the Company’s announcements on 18 May 2023, 7 June 2023, 26 June 2023 and 26 October 2023 in relation to Originating Summons - Kuala Lumpur High Court No. WA-22NCC-279- 05/2023. Unless otherwise stated, the terms stated herein shall have the same meaning as defined in the earlier announcements.

The Company wishes to announce that following the hearing of the matter on 6 February 2024, the Court has granted the following orders:

(a) A declaration that the Defendant has breached its fiduciary duties, duty of care and statutory duties to the Plaintiff;

(b) A declaration that the Defendant has breached the terms of the Directors' Circular Resolution dated 1 October 2021;

(c) Special damages of RM2,597,665.71;

(d) Interest at 5% per annum on RM2,597,665.71 from the judgment date to the date of full payment;

(e) An order that the Defendant indemnify the Plaintiff against any and/or all liability, costs and damages in respect of the breach of the ACE Market Listing Requirements pertaining to the sale of the treasury shares by the Defendant; and

(f) Costs of RM3,000.00 in favour of the Plaintiff subject to allocatur.

This announcement is dated 6 February 2024.






Announcement Info

Company Name ADVANCE INFORMATION MARKETING BERHAD
Stock Name AIM
Date Announced 06 Feb 2024
Category General Announcement for PLC
Reference Number GA1-06022024-00021



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