News

Reference is made to the query from Bursa Malaysia Securities Berhad (“Bursa Securities”) raised on 29 April 2016 in relation to the litigation between Knusford Marketing Sdn Bhd (Plaintiff) vs Kin Kee Marketing Sdn Bhd (1st Defendant) and Kinsteel Berhad (2nd Defendant) as announced by Knusford Berhad (“KB” or “the Company”) on 28 April 2016 (“Litigation”).

The Company is pleased to furnish herewith additional information as requested by Bursa Securities.

(1)     The interest rate on the amount claimed.

         The Plaintiff is claiming for the following from the 1st Defendant:

          a)     Interest on RM20,074,567.90 at 3% per annum and continuing from 7 May 2014 (being the date of the first instalment paid under the Agreement) till the date of final settlement;

         And the Plaintiff is also claiming for the following from the 2nd Defendant:

          a)    Interest on RM20,074,567.90 at 3% per annum and continuing from 7 May 2014 till 8 April 2016 (being the date of expiry of the Plaintiff’s written notice);

          b)    Interest on RM20,074,567.90 at 8% per annum and continuing from 9 April 2016 till the date of final settlement.

(2)     The amount of cost claimed.

         No specific claim has been made as to costs.  

(3)     The estimated potential liability to the Knusford Group arising from the Litigation.

         There is no potential liability to Knusford Group arising from the Litigation at this juncture.