KUALA LUMPUR (Sept 24): Ecobuilt Holdings Bhd (KL:ECOHLDS) said the Court of Appeal has set aside one winding-up petition filed against the company by Strong Force (M) Sdn Bhd.
The decision, confirmed via a sealed order by the appellate court dated Sept 11, follows a consent judgment in the court on the same date for Ecobuilt to pay RM670,596 plus interest to Strong Force.
The order means that the winding up petition has been permanently set aside and is no longer in effect, Ecobuilt said in its filing.
However, Strong Force has another winding-up petition against Ecobuilt — also filed on Sept 11 — seeking RM2.01 million allegedly owed by Ecobuilt from an adjudication award dated Nov 27, 2023.
Strong Force was a subcontractor for Ecobuilt to carry out general contract works, according to Ecobuilt’s past filings.
As at end-May, Ecobuilt had total equity of RM78.43 million or 18.64 sen per share, which includes retained earnings of RM11.25 million. The group’s cash balance amounted to RM1.01 million, against borrowings of RM5.16 million.
The counter has been suspended from trading since Aug 9 amid the now-set aside winding-up petition that was approved by the High Court at the time.
At its last trading price of 3.5 sen, Ecobuilt had a market capitalisation of RM14.7 million.
It also has other litigations, including claims of RM1.95 million against the company and its subsidiary by PLP Electrical Engineering Sdn Bhd.
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Source: EdgeProp.my
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