In furtherance to the disclosures made by MAHB in its Financial Consolidated Results for the 3rd and 4th Quarter of the year 2015 and 1st Quarter of the year 2016 in relation to the winding-up petition of SSHM (disclosed under Note heading ‘Discontinued Operation And Disposal Group Classified As Held For Disposal’), the Board of Directors of MAHB wishes to announce that the High Court of Malaya in Shah Alam has granted a winding-up order for SSHM on 5 May 2016.

We append herewith further information on the winding-up proceedings:-

1. Date of presentation of winding-up petition and the date of winding up petition was served.

The winding-up petition was presented on 12 August 2015 and was served on SSHM on 20 August 2015.

2. The particulars of the claim under the winding-up petition, including the amount claimed for and the interest rate.

    Nil.

3. Details of the default or circumstances leading to the filing of the winding-up petitions against SSHM.  

SSHM was incorporated pursuant to the Joint Venture Agreement dated 31 December 2012 (JVA) entered between K.L. Airport Hotel Sdn Bhd (KLAH) and Atoz Hospitality Services Sdn Bhd to manage and operate KLAH’s new brand of airport hotels including the Sama-Sama Hotel (Sama-Sama Hotels).  Both KLAH and SSHM had entered into the Management Agreement (MA) dated 2 January 2013 for SSHM to manage and operate Sama-Sama Hotels. Both the JVA and MA have been terminated. Since the reason for SSHM’s existence is no longer exist, it is just and equitable for SSHM to be wound up. As disclosed in the quarterly financial consolidated results as aforementioned, the winding-up petition was made via court order after attempts to have SSHM wound up via voluntary winding-up failed.

4. Confirmation as to whether SSHM is a major subsidiary.

SSHM is not a major subsidiary of MAHB. SSHM is 51% owned by KLAH in which KLAH is a wholly owned subsidiary of MAHB.

5. The total cost of investment in SSHM.

The total cost of investment by KLAH in SSHM is RM51.00, being its portion of the paid-up capital.

6. The financial and operational impact of the winding-up proceedings on MAHB Group.

There is no financial and operational impact to MAHB Group pursuant to the winding-up proceeding on SSHM.

7. The expected losses, if any, arising from the winding-up proceeding of SSHM.

The expected losses arising from the winding-up proceeding against SSHM will consist of the following:-

1. RM51.00 being the share portion of KLAH in SSHM; and
2. Estimated administrative fees of RM80,000.00 for the liquidation exercise.

8. Steps taken and proposed to be taken by MAHB in respect of the winding up   proceedings.

MAHB shall appoint an Official Receiver as liquidator in respect of the winding-up of SSHM.

This announcement is dated 9 May 2016.