Glomac unit gets winding-up order

KUALA LUMPUR (Dec 13): 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.

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.

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."

"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. — theedgemarkets.com