TEXCHEM RESOURCES BERHAD
WINDING UP PROCEEDINGS AGAINST
SYQUEST TECHNOLOGY (M) SDN. BHD.
As announced on November 10 1998 and June 18 1999, Texchem-Pack (Johor) Sdn. Bhd. (formerly known as PKG Plastics Technology Sdn. Bhd.)[hereinafter referred to as "TXPJ"], a wholly-owned subsidiary of Texchem Resources Bhd. had instituted legal proceedings against Syquest Technology (M) Sdn. Bhd.[hereinafter referred to as "Syquest"] to recover an outstanding sum of RM2,094,442.94 and judgement was obtained on March 22 1999 in favour of TXPJ for the said sum plus interest at 8% per annum.
Syquest, however, did not make any payment to-date and the Company had decided to commence winding-up proceedings against Syquest.
A Winding-Up Petition was filed on October 18 1999.
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