KUALA LUMPUR (April 17): Logging company Nakamichi Corp Bhd (NCB) said it will seek legal advice to obtain more information about a draft order to wind up its 51%-owned subsidiary Tamabina Sdn Bhd (TSB) that was issued by the High Court of Sabah and Sarawak on Feb 3.
 
“The company will seek legal advice to obtain more information on this draft order. The non-availability of information is due to the fact that the company has never been informed by Tamabina in respect of the draft order,” said Nakamichi (valuation: 0.9; fundamental 0.6) in a filing to Bursa Malaysia this evening.

The draft order which names Ko Kung Siong — who trades under K.K.S Timber Trading as the petitioner and Tamabina — as the respondent, was heard before Justice Stephen Chung on Feb 3.

NCB stated it would make further announcements to the local exchange, should the group obtain more information on the matter.

Nakamichi has been embroiled in a legal tussle for more than a year now, with Tamabina and the latter’s directors Lo Shwu Fen and her sister-in-law Lai Yun Fung, after they failed to hand over Tamabina's management accounts to Goh Kheng Peow and his wife See Thoo Chan, who are the largest shareholders of Nakamichi.

Tamabina is the only asset of Nakamichi, with a concession to log timber from a 15,900 ha tract at the Pinangah Forest Reserve in Sabah.

Without the management accounts, Nakamichi could not submit its results from the second quarter ended June 30, 2013 (2QFY13) to the fourth quarter ended Dec 31, 2014 (4QFY14), within the time frame set by Bursa Malaysia.

Consequently, the group's shares have been suspended since September 2013. This also hampered the company from releasing its annual audited accounts for the financial year ended Dec 31, 2013.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)