KUALA LUMPUR (Sept 24): Trading in Ecobuilt Holdings Bhd (KL:ECOHLDS) shares on Bursa Malaysia will resume at 9am on Wednesday (Sept 25), following a Court of Appeal ruling in favour of the construction firm regarding a winding-up petition.
The shares have been suspended from trading since Aug 9 due to the now-set-aside winding-up petition filed by S-Form System Formwork (M) Sdn Bhd.
The petition was dismissed by the appellate court, which issued a sealed order on Sept 11, confirming a consent judgement for Ecobuilt to pay RM670,596 plus interest to S-Form System Formwork.
This ruling means the winding-up petition is permanently set aside and is no longer in effect, as stated in Ecobuilt’s filing.
However, S-Form System Formwork has filed another winding-up petition against Ecobuilt, also on Sept 11, seeking RM2.01 million allegedly owed from an adjudication award dated Nov 27, 2023.
S-Form System Formwork was a subcontractor for Ecobuilt responsible for general contract works, according to previous filings.
For the quarter ended May 31, 2024, Ecobuilt reported a net profit of RM2 million, compared to a net loss of RM23.9 million in the previous year. This was attributed to progress in the Riveria City and Damai Suria projects, improved cost control, and the absence of last year's RM9.15 million bad debt write-off and RM720,000 credit loss provision.
As of the end of May, Ecobuilt had total equity of RM78.43 million, or 18.64 sen per share, including retained earnings of RM11.25 million. The group's cash balance was RM1.01 million, against borrowings of RM5.16 million.
Ecobuilt's shares last traded at 3.5 sen, giving the company a market capitalisation of RM14.7 million.