Impiana Hotels gets winding up petition over unpaid sum relating to resort redevelopment

• “The company has obtained legal advice and intends to contest the winding-up petition vigorously as Impiana Cherating is able to settle the amount claimed and there is no need to liquidate the assets of Impiana Cherating to settle the amount.”

KUALA LUMPUR (Nov 10): Impiana Hotels Bhd’s wholly-owned subsidiary Impiana Cherating Sdn Bhd has been served a winding up petition by Axventure Sdn Bhd over an unpaid amount relating to the redevelopment of a resort.

The case management via e-review has been fixed on Dec 13, Impiana said in a stock exchange filing.

“The company has obtained legal advice and intends to contest the winding-up petition vigorously as Impiana Cherating is able to settle the amount claimed and there is no need to liquidate the assets of Impiana Cherating to settle the amount,” the group added.

Impiana noted that Axventure had on Aug 26 served Impiana Cherating a notice of demand over an outstanding sum of RM2.26 million, comprising the adjudication sum of RM2.25 million together with costs awarded by the High Court.

Impiana Cherating had earlier this year been served an adjudication claim from Axventure for work done until 2020 relating to Phases 1 and 2 of the redevelopment of Impiana Resort & Residences Cherating.

Axventure subsequently commenced the winding up proceedings, after Impiana Cherating failed to pay the RM2.26 million demanded. 

Impiana said its current book value investment in Impiana Cherating is RM72.58 million.

Impiana’s share price finished unchanged at 3 sen on Thursday (Nov 11), bringing the group a market capitalisation of RM43.3 million.