KUALA LUMPUR (Aug 6): Practice Note 17 (PN17) company Malaysia Pacific Corp Bhd (MPCorp) will resume the trading of its shares starting tomorrow after the stock has been suspended for a year.
This comes on the heel of the immediate effect of termination in winding up order today, that was filed by RHB Bank Bhd over unpaid debts back in June last year.
Notably, the company has filed an application for the termination of the winding-up order on July 19, 2019.
MPCorp received the sealed copy of consent order from the Court of Kuala Lumpur today, hence the Winding-Up Order were no longer continuing, said the financially ailing property developer.
“Therefore, the matters between the company and RHB Bank Bhd have been settled,” said MPCorp in a filing to Bursa Malaysia this evening.
The property developer’s shares have been suspended since June 25, last year. It was last traded at 4.5 sen.
In March this year, MPCorp has signed a sale and purchase agreement (SPA) to dispose of Wisma MPL in Jalan Raja Chulan for RM189 million to Asia New Venture Capital Holdings Sdn Bhd.
This will allow the group to settle its debts with RHB Bank Bhd, to which it owes some RM148.54 million as a redemption sum for the land, the group said in a stock exchange filing on March 11, this year.
After the signing of the SPA, MPCorp had on April 3, entered into a validation consent order with RHB Bank, the liquidators of the company and the purchaser (Asia New Venture Capital), for the validation of the sale of the Property, as well as to agree on the full payment of redemption to RHB Bank. This, then, enabled the company to apply for the termination of the winding-up order.