Titijaya’s subsidiary Renofajar served with winding up petition

• Titijaya said that the expected losses arising from the winding-up proceedings are approximately RM500,000.
• However, the group assured that the petition is not expected to have any material financial impact and operational impact for its financial year ending June 20, 2023 (FYE2023).

KUALA LUMPUR (March 14): Titijaya Land Bhd said its indirect wholly-owned subsidiary Renofajar Sdn Bhd has been served with winding-up petitions for failing to settle a judgment sum and failure to deliver vacant possession.

Renofajar was served the petitions together with an affidavit verifying petition from Chia Wai Hing (petitioner) on Monday (March 13), according to a filing with Bursa Malaysia on Tuesday (March 14).

The petitioner took legal action against Renofajar for the return of money paid due to failure to deliver vacant possession of the parcel unit purchased by the petitioner from Renofajar within the time prescribed and for liquidated damages.

“The petitioner's basis to wind up Renofajar is founded on the judgment sum of RM453,901 which was awarded to petitioner on March 23 last year by the Sessions Court  — and affirmed by the Tawau High Court on Nov 8, 2022,” it said.

Titijaya said that the expected losses arising from the winding-up proceedings are approximately RM500,000.

However, the group assured that the petition is not expected to have any material financial impact and operational impact for its financial year ending June 20, 2023 (FYE2023).

Meanwhile, Renofajar is disputing the alleged debt and the judgment, which forms the basis of the petition at the appellate court.

"Renofajar has also applied for a stay of execution of the said judgment. Renofajar is also disputing the winding up petition and has taken appropriate legal action to challenge the same," it said.

Titijaya's share closed unchanged at 26 sen on Tuesday, giving it a market capitalisation of RM357.87 million.