KUALA LUMPUR (Aug 2): Trading of the shares in Ecobuilt Holdings Bhd (KL:ECOHLDS) will be suspended, after the High Court approved a winding-up petition against the company.
The suspension will take effect next Friday, Aug 9, the construction cum property firm said in a filing with the local stock exchange.
To recap, Ecobuilt was served a winding-up petition by S-Form System Formwork (M) Sdn Bhd on April 24, concerning a claim of RM670,596.
The court approved the petition on July 24 and concurrently dismissed Ecobuilt’s application to stay the winding-up proceedings.
The company has since filed an application to stay the winding-up order, and the court has scheduled a hearing on Aug 12 to consider and determine the request for an interim stay while the application is pending.
In response to a Bursa Malaysia query on Thursday, Ecobuilt stated that no liquidator had been officially appointed yet, as the winding-up order had not yet been sealed.
It noted that operations will cease, and the company’s affairs will be managed by the liquidator once appointed.
“The appointment of a liquidator would likely lead to the cessation of the company’s normal business operations. Consequently, the liquidator would distribute proceeds to creditors through the realisation of the company’s assets,” it added.
However, the company emphasised that it is actively seeking to resolve the matter, and has initiated legal proceedings to stay the winding-up order.
Shares in Ecobuilt were last traded at seven sen on Friday, giving the company a market capitalisation of RM27.35 million.
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Source: EdgeProp.my
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