Prostasco suit seeks refund from PT ASU and damages from 2 directors. (The Star) KUALA LUMPUR: Protasco Bhd has launched a legal suit against Indonesian-based PT Anglo Slavic Utama (PT ASU) and two of its directors, Tey Por Yee and Ooi Kock Aun, at the Kuala Lumpur High Court. PT ASU is the first defendant, while Tey and Ooi are the second and third defendants, respectively. In a filing with Bursa Malaysia yesterday, Protasco is claiming for a refund of the purchase price paid under the restated sale and purchase agreement (SPA) dated Jan 28 from PT ASU and/or damages – and/or for damages – arising from the breach of contract. “Protasco’s claim against Tey and Ooi is premised on the breach of their fiduciary and statutory duties, including the duty to disclose their interest in the transaction, conspiracy to defraud Protasco and the making of secret profits. Protasco is seeking damages against Tey and Ooi,” it said. Tey, who is the founder of mobile application service provider Nextnation Communication Bhd, emerged as the second largest shareholder in Protasco in late-2012. The company said the legal proceedings it had initiated had no significant immediate adverse impact on the current financial position of Protasco. It added that the company would make an impairment on the purchase price if necessary, in consultation with its auditors. According to earlier announcements, Protasco had entered into an SPA with PT ASU in late-2012 to acquire a 76% equity interest in PT Anglo Slavic Indonesia (PT ASI) for US$55mil (RM181.3mil). However, after undertaking a due diligence, the terms of the SPA were revised. Subsequently, on Jan 29, Protasco entered into an amended SPA with PT ASU for the acquisition of a 63% stake in PT ASI for a total purchase consideration of US$22mil. This came with a profit guarantee of US$22mil, or RM72mil, spread over four years. The proposed deal lapsed as conditions to the restated SPA were not fulfilled by the vendor and the security provider within the stipulated timeframe. According to earlier announcements on Bursa Malaysia, PT ASI posted an audited loss before tax and minority interest of RM346,136 on May 31, 2013, with net assets totalling RM31.4mil. Protasco closed two sen higher at RM1.76 yesterday. --------- Bengkel Saham Fundamental Profit.at.Bursa, Here => bit.ly/pabworkshop2014 --------- | #saham | #prtasco |
Posted on: Tue, 23 Sep 2014 12:55:01 +0000
Trending Topics
Recently Viewed Topics
© 2015