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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 09 Jul 2008
General Announcement
Reference No TI-080709-65047

Submitting Merchant Bank
:
 N/A
Company Name
:
 TM INTERNATIONAL BERHAD
Stock Name
:
 TMI
Date Announced
:
 09/07/2008


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

Contents
:
TM International Berhad ("TMI") refers to the previous announcement by Telekom Malaysia Berhad ("TM") dated 4 February 2008 concerning Celcom (Malaysia) Berhad ("Celcom"), which was, at that time, a wholly-owned subsidiary of TM. Celcom has since become a wholly-owned subsidiary of TMI.

TMI wishes to announce that after considering submissions by Mohd Shuaib Ishak's ("MSI") and Celcom's solicitors, the Court has today given its decision wherein it allowed MSI's application with costs and granted MSI leave to commence the derivative action in Celcom's name under Section 181A(1) of the Companies Act 1965 ("CA")("Proposed Action").

MSI has 30 days from today under Section 181B(3) of the CA to file the Proposed Action in the name of Celcom against, amongst others, the former and existing directors of Celcom and TM.

Celcom has today filed an appeal to the Court of Appeal against the Courts decision in allowing the Proposed Action. Celcom will also be filing an application for stay against the said decision pending the hearing of Celcom's appeal.

TMI will make announcements from time to time in respect of any material developments thereof.

This announcement is dated 9 July 2008.

Announcement Details :