<div>This article first appeared in <em>The Edge Financial Daily,</em> on December 14, 2016.<br />
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<div class=newsTextDataWrapInner><p>KUALA LUMPUR: Glomac Bhd’s wholly-owned unit Glomac Regal Sdn Bhd (GRSB) received a winding-up order for the alleged neglect of a RM3.49 million payment to a contractor.</p></div>

<div class=newsTextDataWrapInner><p>Property developer Glomac told Bursa Malaysia that contractor Bina Goodyear Bhd filed the winding-up petition at the High Court of Malaya here on Nov 25 this year. Bina Goodyear is the contractor for Glomac’s high-rise residential project along Lorong Stonor here.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>Glomac said: “GRSB has been seen as neglecting the payment of the said sum. On the contrary, GRSB is actively pursuing the petitioner for a negotiable amount of settlement which has not been reached.”</p></div>

<div class=newsTextDataWrapInner><p>GRSB is a non-major subsidiary of Glomac, and the total cost of investment in GRSB is RM5 million.</p></div>

<div class=newsTextDataWrapInner><p>“GRSB is currently negotiating with the petitioner for a negotiable amount of settlement and concurrently, GRSB will file for a permanent stay to set aside the winding-up order,” Glomac added.</p></div>


This article first appeared in The Edge Financial Daily, on December 14, 2016.

 

KUALA LUMPUR: Glomac Bhd’s wholly-owned unit Glomac Regal Sdn Bhd (GRSB) received a winding-up order for the alleged neglect of a RM3.49 million payment to a contractor....

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