MATERIAL LITIGATION STAY AND SETTING ASIDE APPLICATIONS FOR BOTH JUDGMENTS IN DEFAULT ENTERED AGAINST HCM ENGINEERING SDN. BHD.

## fields Subject :: MATERIAL LITIGATION ## para Protasco Berhad ("Company") wishes to announce that a wholly owned subsidiary of the Company, HCM Engineering Sdn. Bhd. (“HCM”), received notice on 25 October 2011 that two judgments in default of appearance was entered against them for the sum of RM507,661.78 in Shah Alam High Court Suit No: 22-1558-2010 and the sum of RM9,960,492.17 in Shah Alam High Court Suit No: 22-1559-2010 respectively. ## para Both judgments were entered on 11 July 2011 and carry interest at the rate of 8% per annum from 6 December 2010 till the date of full realisation. ## para As announced HCM has engaged a firm of solicitors to set aside both the judgments and resist any attempt to file a winding up petition premised on the said judgments which HCM contend is without merit. ## para On 10 November 2011, HCM has successfully obtained an interim stay order pending the next hearing date of the stay and setting aside applications for both suit No: 22-1558-2010 and suit No: 22-1559-2010. A case management date has been fixed for 15.12.2011 to enable parties to finalise the exchange of affidavits.