KUALA LUMPUR (June 18): Trading in the shares of Malaysia Pacific Corporation Bhd (MPCorp) is to be suspended after the High Court allowed a winding-up petition against the company.

The Practice Note 17 company said in a filing with Bursa Malaysia today that the suspension will take effect on June 25.

The winding-up petition was filed by RHB Bank Bhd over unpaid debts amounting to RM118.16 million.

The court allowed the petition on June 13. At the same time, it dismissed MPCorp’s application to stay the petition and another application to strike out the petition.

The following day, the company filed an appeal to the Court of Appeal against the winding-up order and also an application for a stay of the winding-up order pending the appeal.

MPCorp shares closed unchanged at 10 sen today, with 40,700 shares done, giving it a market capitalisation of RM30.2 million.