The Board of Directors of Glomac Berhad announced today that the High Court had wholly discontinued the winding up petition, to either appoint a receiver and manager or special administrator and a need for restraining order to be imposed on its subsidiary with no order as to cost as filed on 25 June, 2024.

The subsidiary, Glomac Rawang Sdn. Bhd. (GRSB), a wholly-owned subsidiary of Glomac, had on 26 March 2024 been served with a winding-up petition by Maran Econ Build Sdn Bhd as the Petitioner, the company said in a Bursa Malaysia listing today.

Earlier, the Petitioner had taken the matter to court claiming an amount of RM555,607.67, a final payment inclusive of the interests of RM33,987.20 and an adjudication cost of RM51,570.26.

The court had heard that Glomac was indebted to the Petitioner for the sum of RM555,607.67, an amount due under the Adjudication Decision dated 8 December 2023 being the final payment of the sums certified under the Final Certificate, inclusive of interest and adjudication cost incurred for a project constructing double storey terrace houses in Rawang, Selangor.

The Company had on 27 March 2024 delivered a payment of RM470,050.21 being payment excluding interest and adjudication costs to the Petitioner via its solicitors, while arranging for the balance to be paid accordingly.

GRSB was later notified on 1 April 2024 by the Petitioner's solicitors, returning the payments, due to the Petitioner having initiated the winding-up proceeding on 19 March 2024.