Kinsteel to "resolve matter" after being served with winding-up petition by TNB

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KUALA LUMPUR (Nov 15): Kinsteel Bhd has been served with a winding-up petition by Tenaga Nasional Bhd for failing to pay RM20,000, being costs awarded by the court to TNB in a May 12 judgment.

The petition is fixed for hearing at the High Court in Kuantan on Jan 25, the Practice Note 17 company said in a filing with Bursa Malaysia.

However, Kinsteel said it has taken steps to resolve the matter by settling the sum by Nov 30.

It explained that it had not paid the costs “given the ongoing litigation proceeding”.

Kingsteel’s shares were not traded today. The counter last traded on Nov 9, closing at three sen, for a market capitalisation of RM26.04 million.