Ipoh High Court Sets Hearing Date for GRP Limited's Winding-Up Petition

MT Newswires09-23

GRP (SGX:BLU) said the Ipoh High Court has scheduled a hearing for the winding-up petition against its Malaysian subsidiary, Ratus Nautika, for Dec. 11, according to a Friday filing on the Singapore Exchange.

This follows a case management hearing held on Sept. 11, where the court directed that submissions from both parties be filed in October and November.

The winding-up petition was served by EESB on Aug. 5, due to non-payment of a statutory demand.

GRP Limited's legal advisers have indicated that the petition is based on a disputed debt and are taking steps to contest it. The company is also in discussions with EESB regarding a potential settlement.

In earlier updates, GRP Limited reported the receipt of statutory demands by its indirect 70%-owned subsidiaries, with ongoing discussions about the implications of EESB's letter to suspend work execution.

The company remains unaware of any winding-up petitions against its other Malaysian subsidiary, Rumah Kami.

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