Company Name: KOBAY TECHNOLOGY BERHAD
Stock Name: KOBAY
Date Announced: 20 Oct 2023
Category: General Announcement for PLC
Reference Number: GA1-20102023-00051
Type: Announcement
Subject: MATERIAL LITIGATION
Description: WRIT OF SUMMONS AND STATEMENT OF CLAIM RECEIVED BY PARADIGM METAL INDUSTRIES SDN. BHD. (DEFENDANT) FROM SALUTICA ALLIED SOLUTIONS SDN. BHD. (PLAINTIFF), PENANG HIGH COURT SUIT NO. PA-22NCVC-130-08/2023
Unless otherwise defined, the definitions used in this announcement shall have the same meanings as previously defined in the earlier announcement made on 16 August 2023 and 13 September 2023 in relation to the same.
The Board of Directors of Kobay Technology Bhd. wishes to announce that the High Court had on 19 October 2023 allowed our application to stay the civil suit filed by Salutica pursuant to Section 10 of the Arbitration Act 2005 and refer the parties to arbitration.
Kobay will make the necessary announcement on further development of this matter in due course.
This announcement is dated 20 October 2023.