The Company wishes to announce that on 18 February 2013, the Court has granted an order, inter alia, that all proceedings and/or actions and/or any further proceedings in any actions or proceedings against Patimas and its fifteen (15) subsidiaries namely:
Patimas Business Solutions Sdn Bhd;
Patimas Dot Com Sdn Bhd;
Patimas Services Sdn Bhd;
Patimas e-Business Sdn Bhd ;
Patimas Computer Software Sdn Bhd;
Patimas Education Centre Sdn Bhd;
Patimas-HPD Systems Sdn Bhd;
Patimas Computer Systems Sdn Bhd;
OED Technology Sdn Bhd;
Patimas Outsourcing Services Sdn Bhd;
Patimas Computer Security Sdn Bhd;
Patimas Computer Technology Sdn Bhd;
Patimas International Sdn Bhd;
Patimas Workgroup Technology Sdn Bhd; and
Patimas Computer Services Sdn Bhd
including all winding up proceedings, receiverships, any execution proceedings including distress, arbitration, or the appointment of receivers and managers as well as any intended or further proceedings be forthwith restrained and stayed pursuant to Section 176 (10) of the Companies Act, 1965 for a period of sixty (60) days from the date of the order, except by leave by the Court and subject to such terms as the Court may impose.
The Group’s businesses are currently experiencing cash constraints due to softening of the computer related products and services market and competitiveness in the computer industry as a result of the economic slowdown commencing the second half of 2008.
On 1 November 2012, Patimas had made an announcement that it is considered a PN 17 company pursuant to the Main Market Listing Requirements. The PN17 criteria was triggered as a result of Patimas’ latest financial statements for the financial period of 1 January 2011 to 31 March 2012 wherein the auditors have expressed a disclaimer of opinion on Patimas’ latest audited financial statements for the aforesaid financial period. Further, on 28 November 2012, Patimas had made an announcement that it is considered a PN 1 company pursuant to the Main Market Listing Requirements.
As a result, the Group is unable to comply with its repayment obligations to its secured lenders and creditors. A number of the Group’s creditors, secured or otherwise, have commenced or threatened to commence legal proceedings against the Group for recovery of their debts. The Restraining Order will allow Patimas to focus on formalizing the proposed schemes of arrangements unhindered without having to divert its attention and resources to defending and dealing with any proceeding and/or actions from the Group’s creditors.
The Restraining Order is not expected to have any material impact on the financial and operational matters of Patimas Group.
The details of the proposed schemes of arrangement will be announced in due course.
This announcement is dated 19 February 2013.
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发表于 18-2-2013 10:38 PM
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