High-5 to be delisted, Bursa upholds rejection of its regularisation plan

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KUALA LUMPUR: High-5 Conglomerate Bhd, formerly Silver Bird Group Bhd, will be delisted from Bursa Malaysia on Friday.

In a filing with the exchange yesterday, the bread maker said the exchange had decided to dismiss the company’s appeal against the rejection of its proposed regularisation plan in early August.

High-5 has still not been able to mend its financials, with over RM37.23 million in losses for the nine months  ended July 31, 2014, compared with RM38.5 million in the previous corresponding period.

Last Friday, High-5 and its subsidiary, Standard Confectionery Sdn Bhd, filed a suit in the High Court of Malaya against AmanahRaya Bhd, CIMB Islamic Trustee Bhd (as the trustee for AmanahRaya Real Estate Investment Trust), its former group managing director Datuk Jackson Tan and Datuk Ahmad Rodzi Pawanteh in relation to a factory in Shah Alam in Selangor.

In the suit, High-5 and Standard Confectionery were asking for the previous dealings between the parties on the said factory at Lot 72, Persiaran Jubli Perak, Seksyen 21, 40000 Selangor, to be declared null and void, and unenforceable.

They are also seeking a declaration that the sale and purchase agreement (SPA) dated May 17, 2006, between Standard Confectionery and AmanahRaya, and the said leaseback arrangement “is fraudulent and illegal and against public policy”. The plaintiffs also want the SPA, the Lease Agreement, the Novation Agreement and the Supplemental Lease Agreement be declared “null and void, and unenforceable”.

This article first appeared in The Edge Financial Daily, on October 21, 2014.