WINDING-UP PETITION PRESENTED BY SHANDONG POWER EQUIPMENT COMPANY LIMITED AGAINST THE COMPANY ("WINDING-UP PETITION")
| PESTEC INTERNATIONAL BERHAD |
| Type | Reply to Query |
| Reply to Bursa Malaysia's Query Letter - Reference ID | IQL-17092026-00001 |
| Subject | WINDING-UP PETITION PRESENTED BY SHANDONG POWER EQUIPMENT COMPANY LIMITED AGAINST THE COMPANY ("WINDING-UP PETITION") |
| Description | PESTEC International Berhad (IBor he Company
- Winding-Up Petition presented by Shandong Power Equipment Company Limited against the Company ("Winding-Up Petition") |
| Query Letter Contents | |
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Unless stated otherwise, the terms used herein shall carry the same meaning as those defined in the earlier announcements dated 15 September 2026.
Further to PESTEC International Berhad's ("PIB" or the "Company") announcement dated 15 September 2026 and Bursa Malaysia Securities Berhad's ("Bursa Malaysia") query letter reference number IQL-17092026-00001 dated 17 September 2026 ("Bursa query"), the Company wishes to announce the following additional information presently available to the Company in response to the Bursa query.
For avoidance of doubt, this announcement is made strictly without prejudice to the Company's rights to challenge the validity and/or effectiveness of any purported service of the Winding Up Petition on the Company.
1) The date of the presentation of the winding up petition and the hearing date.
Based on the Notice of Advertisement forwarded by Bursa Malaysia on 8 September 2026, the Winding-Up Petition appears to have been filed by SPECO at the Kuala Lumpur High Court on 3 August 2026. The hearing of the Winding-Up Petition is fixed on 5 October 2026.
2) Details of the default or circumstances leading to the filing of the winding-up petition.
It appears that the Winding-Up Petition relates to an alleged sum purportedly due and owing by the Company pursuant to the Purported Corporate Guarantee.
3) The particulars of the claim under the petition, including the amount claimed for under the petition and the interest rate.
At this juncture, the Company is unable to ascertain the exact particulars of the claim under the Winding-Up Petition. However, based on the information presently available to the Company, SPECO's claim is estimated to be approximately USD10 million, which is allegedly guaranteed under the Purported Corporate Guarantee.
4) The financial and operational impact of the winding-up on the group.
The Winding-Up Petition is not expected to have any material financial or operational impact on the Group at this juncture.
5) Estimated potential liability to the group, arising from the winding-up petition.
The Company does not expect any potential liability to the Group arising from the Winding-Up Petition at this juncture as the validity and/or enforceability of the Purported Corporate Guarantee relied upon by SPECO is disputed by the Company in the Civil Suit.
6) Details of the steps taken and proposed to be taken by the Company in respect of the winding-up proceedings.
The Company is currently seeking legal advice in respect of the Winding-Up Petition and is taking the necessary steps to protect its interests and position in relation to the Winding-Up Petition.
In addition, through the announcements dated 20 August 2026, 24 August 2026, 7 September 2026 and 15 September 2026, the Company had announced, inter alia, the commencement of the Civil Suit against, amongst others, SPECO to challenge the validity and/or enforceability of the Purported Corporate Guarantee, which was allegedly executed by a former member of the Company's previous management and the Company's former secretary under the Company's seal without the approval of the previous Board of Directors at the material time as required under the Constitution of the Company. The Company also does not recognise the Purported Corporate Guarantee as it was never part of the Company's corporate records nor was it acknowledged or recorded as a liability, obligation or contingent liability of the Company in its Audited Financial Statement for FYE 2022, 2023, 2025 and 2026.The Purported Corporate Guarantee was also not disclosed in the Disclosure Letter given on behalf of the Company by the then Directors in office on 4 October 2024 for the purpose of the Subscription Agreement of even date made between the Company and Dhaya Maju Infrastructure (Asia) Sdn Berhad.
Further, as announced by the Company on 17 September 2026, the Company has successfully obtained an Ad Interim Injunction, inter alia, restraining SPECO from enforcing, executing, demanding or taking any steps or action to enforce the Purported Corporate Guarantee.
This announcement is dated 18 September 2026. |
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Announcement Info
| Company Name | PESTEC INTERNATIONAL BERHAD |
| Stock Name | PESTEC |
| Date Announced | 18 Sep 2026 |
| Category | General Announcement for PLC |
| Reference Number | GA1-18092026-00052 |