KUALA LUMPUR (April 5): Sumatec Resources Bhd has served an application for an injunction to restrain the presentation of any winding-up petition, following the court’s judgment on a corporate guarantee provided to Semado Martime Sdn Bhd.

Sumatec was previously served with section 466(1)(a) of the Companies Act 2016 for RM1.18 million with cost and allocation, after the High Court’s allowed Malaysian Banking Bhd (MBB)’s application for the corporate guarantee.

The company said it would only be able to satisfy the judgment sum, if Maybank discharges the charge over a land for which the bank had issued a performance bank guarantee (PBG) made in favour of Himpunan Sari Sdn Bhd, to the group’s wholly-owned subsidiary Sumatec Corp Sdn Bhd which was called upon.

An injunction against the release of the PBG was obtained in 2011, with no further decisions by Maybank since then.

“The said PBG had since long expired and more than six years have passed since 2011, with no further call on the same being made and no monies have also been released by MBB since.

“The application for the said injunction to restrain the presentation of any winding up petition is also made on the grounds that there is a pending action in respect of an application filed for a declaration that the PBG is no longer effective or valid, and accordingly for a release of the land charged to Maybank.

Sumatec said it would be in position to pay the judgment sum to Maybank from the disposal of the land in Kerteh, Kemaman, Terengganu, after a declaration has been made on the reasons that the PBG is no longer valid.

At 2.55pm, Sumatec rose 0.5 sen or 9.09% to 6 sen, giving a market capitalisation of RM233.9 million.