Mah Sing’s unit served with winding-up petitions - News Summed Up

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Mah Sing’s unit served with winding-up petitions


KUALA LUMPUR (Aug 2): Mah Sing Group Bhd’s wholly-owned unit Capitol Avenue Development Sdn Bhd has been served with winding up petitions for failing to settle RM2.19 million in outstanding amounts. “The Company is not expected to incur any losses from the Petition, as Capitol Avenue is disputing the alleged debt and the Judgement (which forms the basis of the Petition) as mentioned above. Consequently, Capitol Avenue is also disputing the Petition and has sought legal advice on this matter,” the group explained in a local bourse filing on Tuesday (Aug 2). Meanwhile, Mah Sing clarified that the cost of investment and the net tangible asset of Capitol Avenue as at Dec 31, 2021 (FY21) were RM2.50 million and RM2.87 million respectively. Shares in Mah Sing ended one sen or 1.67% lower to 59 sen on Tuesday, giving it a market capitalisation of RM 1.42 billion.


Source: The Edge Markets August 03, 2022 06:48 UTC



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