KUALA LUMPUR: Bina Puri Holdings Bhd has been served with a winding-up petition by YTL Cement Marketing Sdn Bhd, an indirect subsidiary of YTL Corp Bhd, for an alleged outstanding sum of RM1.74 million.
YTL Cement Marketing claimed that Bina Puri had not paid RM1.74 million, which included an interest rate of 1.5 per cent each month, as of Nov 30, 2023.
In a filing made with Bursa Malaysia today, Bina Puri said that it is still in discussions with the petitioner in an attempt to resolve the matter amicably.
"There will be no immediate material financial and operational impact and no expected loss to the group arising from the petition," it added.
The date of hearing for the petition has been fixed for March 25.
Prior to this, lawyers Messrs Lim Soh and Goonting lodged a winding-up petition on Bina Puri's wholly-owned company, Bina Puri Properties Sdn Bhd, because of an alleged payment default. The default was related to a demand notice dated Sept 19, 2023, concerning an unpaid balance of RM972,564 for legal services provided to the group concerning conveyancing.
In Oct 2023, Thai Soon Hang (Sabah) Sdn Bhd served Bina Puri Sdn Bhd, another wholly-owned subsidiary, with a winding-up petition over an alleged payment failure of RM198,116. The default concerned a consent judgment Thai Soon Hang had acquired on June 11, 2021.
Bina Puri reported a revenue of RM44.2 million and a pre-tax loss of RM10.6 million for the first quarter of its fiscal year, which ended on Sept 30, 2023.
The company's share price had fallen 22.22 per cent year to date. The counter settled unchanged at seven sen today, with the company's market capitalisation standing at RM236.19 million.
