KUALA LUMPUR (Sept 26): Ikhmas Jaya Group Bhd and its wholly-owned unit Ikhmas Jaya Sdn Bhd (IJSB) have been served with a winding-up petition from Ipmuda Bhd for owing RM2.97 million.
The sum of RM2.97 million is the amount owed for the goods delivered and services provided by Ipmuda.
The winding-up petition was served together with an affidavit verifying petition from Ipmuda, according to a filing with Bursa Malaysia yesterday.
A quick check on Ikhmas Jaya’s most recent financial statement shows that the group’s total borrowings stood at RM82.27 million as at June 30, 2019, while its cash and cash equivalents stood at RM38.4 million.
“The winding-up petition is not expected to have any material financial and operational impact on the company and/or IJSB as the amount has been accrued in the accounts for the financial year ending Dec 31, 2019,” said Ikhmas Jaya.
Except for the legal and incidental expenses, IJSB is not expected to incur any further losses from the winding-up petition, said the group.
Ikhmas Jaya is currently in consultation with its solicitors on the appropriate action to be taken on the winding-up petition.
Shares of Ikhmas Jaya closed 1.5 sen or 12% at 11 sen yesterday, with 21.2 million shares traded, valuing it at RM64.72 million.