Bina Puri hit with winding-up petition by YTL unit over alleged unsettled sum of RM1.7m

• The petitioner, YTL Cement Marketing Sdn Bhd, claimed that Bina Puri had failed to settle a demanded amount of RM1.74 million, including an interest rate of 1.5% per month, as at Nov 30, 2023.

KUALA LUMPUR (Feb 6): Bina Puri Holdings Bhd said it was hit with a winding-up petition by an indirect subsidiary of YTL Corp Bhd, for an alleged unsettled amount of RM1.74 million.

The petitioner, YTL Cement Marketing Sdn Bhd, claimed that Bina Puri had failed to settle a demanded amount of RM1.74 million, including an interest rate of 1.5% per month, as at Nov 30, 2023.

"The company remains in discussions with the petitioner to resolve the matter amicably," said Bina Puri in a filing with Bursa Malaysia on Tuesday.

"There will be no immediate material financial and operational impact, and no expected loss to the group arising from the petition," the group added.

Hearing for the petition has been fixed for March 25.

In November 2023, Bina Puri's wholly-owned subsidiary Bina Puri Properties Sdn Bhd was served with a winding-up petition by lawyers Messrs Lim Soh and Goonting due to an alleged default in payment.

The default was related to a notice of demand dated Sept 19, 2023, in respect of an outstanding sum of RM972,564 for legal services rendered to the group involving conveyancing.

Another wholly-owned subsidiary, Bina Puri Sdn Bhd, was also served with a winding-up petition by Thai Soon Hang (Sabah) Sdn Bhd in October 2023, over an alleged default in payment of RM198,116.

The default was related to a consent judgement that Thai Soon Hang obtained back in June 11, 2021.

Bina Puri's share price settled unchanged at seven sen on Tuesday, with the group's market capitalisation standing at RM236.19 million. Year to date, the counter had fallen 22.22%.

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