Sime Darby Property Berhad ("Sime Darby Property") wishes to announce that The Glengowrie Rubber Company Sdn Berhad (“GRC”), a 78.72% owned subsidiary had on, 8 May 2023, presented a winding-up petition in the High Court of Malaya at Shah Alam for it to be wound-up by the Court pursuant to Sections 465(1)(a), 465(1)(c) and 465(1)(h) of the Companies Act 2016.

The winding-up petition was presented pursuant to a special resolution passed at an Extraordinary General Meeting of GRC held on 20 April 2023 (“EGM”). At the EGM, GRC had passed the special resolution for it to be wound-up by the Court pursuant to Section 465(1)(a) of the Companies Act 2016 and / or on the grounds that:

(a)     The substratum of GRC has gone or has been destroyed;

(b)     The principal activity of or the main object for the existence of GRC has lapsed;

(c)     The principal object of GRC could no longer be achieved; and/or

(d)     GRC has suspended its business for more than a whole year.

GRC is not a major subsidiary of Sime Darby Property as defined under Chapter 1 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.

The total cost of investment in GRC as at 31 December 2022 amounted to RM1.5 million.

Apart from the legal fees and expenses that will be incurred for the winding-up petition, the Group is not expected to experience any significant operational or financial impact for the financial year ending 31 December 2023.

GRC is not expected to have any further loss arising from the winding-up petition.

This announcement is dated 8 May 2023. 

Announcement Info