MATERIAL LITIGATION The Bank of East Asia Limited versus MJC (Singapore) Pte Ltd
- The Board of Megan Media Holdings Berhad wishes to announce that its subsidiary, MJC (Singapore) Pte Ltd ("MJC"), has been served with a writ of summons on 11th May 2007 pertaining to a suit filed by The Bank of East Asia Limited ("BEA") for a claim amounting to S$3,039,403.83 in respect of banking facilities granted by BEA in 2006.
MJC have obtained legal advice on this action and have engaged solicitors to defend the suit. The appointed solicitors have entered a Memorandum of Appearance on behalf of MJC with the High Court of The Republic of Singapore on 15th May 2007.
The said action is not expected to have any financial or operational impact on the Group.
This statement is dated 17 May 2007
Really glad that I cut loss at RM0.46
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