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Kuala Lumpur High Court (Commercial Division) Originating Summons No. D5-24-20-2008 Mohd Shuaib Ishak V Celcom (Malaysia) Berhad

Back 04 Feb 2008
General Announcement
Reference No TM-080204-68500

Company Name
:
 TELEKOM MALAYSIA BERHAD 
Stock Name
:
 TM
Date Announced
:
 04/02/2008


Type
:
 Announcement
Subject
:
KUALA LUMPUR HIGH COURT (COMMERCIAL DIVISION)
ORIGINATING SUMMONS NO. D5-24-20-2008
MOHD SHUAIB ISHAK V CELCOM (MALAYSIA) BERHAD

Contents
:

Telekom Malaysia Berhad ("TM") wishes to announce that its wholly-owned subsidiary, Celcom (Malaysia) Berhad ("Celcom"), had on 4 February 2008 been served with a sealed Originating Summons ("Summons") by Mohd Shuaib Ishak ("MSI") seeking leave to bring a derivative action in Celcom's name under Section 181A(1) of the Companies Act 1965 ("the Proposed Action").

The Proposed Action is against, inter alia, the former and existing directors of Celcom and TM for failing to obtain the consent of DeTeAsia Holding GmbH ("DeTeAsia") pursuant to the Amended and Restated Agreement ("ARSA") dated 4 April 2002 with DeTeAsia prior to entering into the Sale and Purchase Agreement dated 28 October 2002 with TM for the acquisition by Celcom of the shares in TM Cellular Sdn Bhd (now known as Celcom Mobile Sdn Bhd).

MSI alleges that the directors are liable for damages calculated by reference to the difference between the Buy Out Offer price of RM7.00 per Celcom share under the ARSA and the price of RM2.75 per Celcom share under the Mandatory General Offer undertaken by TM through Telekom Enterprise Sdn Bhd in respect of Celcom.

The Summons has been fixed for hearing on 19 February 2008. Celcom is advised by its solicitors that it has reasonably good prospects of resisting the Summons and will take vigorous steps to defend the same.