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MBSB Bank seeks to wind-up Sentoria and subsidiary

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Property developer had stood as guarantor for its subsidiary’s hire purchase facility.

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Free Malaysia Today
MBSB Bank has filed winding-up petitions against Sentoria Group and its unit over a RM303,268 judgement debt.

PETALING JAYA:
MBSB Bank Bhd has filed winding-up petitions against property developer and resort operator Sentoria Group Bhd and its wholly-owned subsidiary, Sentoria Bina Sdn Bhd (SBSB), over a judgement debt amounting to RM303,268.39.

The judgement debt stemmed from the Kuala Lumpur sessions court’s decision on the settlement of an outstanding hire purchase-i (Al-Ijarah Thumma Al-Bai) facility, known as the AITAB facility.

This facility was originally provided by MBSB Bank to SBSB for the acquisition of machinery and equipment necessary for its operations.

Sentoria had issued a corporate guarantee for the AITAB facility, according to its filing with Bursa Malaysia today.

A judgement debt is a debt established or confirmed by decree of a court of law.

The winding-up petitions have been scheduled for case management on Sept 19 and Nov 9 in the Shah Alam High Court via e-review.

The company said apart from the legal expenses incurred to contest these petitions, there will be no significant financial or operational consequences for the group.

It also does not foresee incurring any additional losses stemming from the winding-up petitions. In the interim, the company expressed its intent to seek legal counsel and vigorously defend against the action.

At the close of trade, Sentoria’s share price was unchanged at 75 sen, valuing the company at RM43.8 million.

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