WZ Satu unit served with RM619,531 claims

PETALING JAYA: WZ Satu Bhd's wholly-owned subsidiary WZS Misi Setia Sdn Bhd has been served with writ of summons together with a statement of claim totaling RM619,531.96 by Danamin (M) Sdn Bhd.
In a filing with Bursa Malaysia, WZ Satu said it is seeking its legal opinion to defend the writ and statement of claim and will make further announcement on the developments in due course.
Besides the RM619,531.96, Danamin is claiming 1.5% interest per month on the sum of RM570,104.57 from May 1, 2018 to the date of full settlement. Alternatively, interest at the rate of 5% per annum on the sum of RM570,104.57 from the date of judgement until full settlement.
WZ Satu noted that the financial impact to the group is limited to the amount awarded by the Court in the event the defendant loses the case.
"There shall be no impact on the group's operations," it added.
Its share price fell 6.25% or two sen to close at 30 sen with some 798,400 shares done.