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November 22, 2007 |
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OLYMPIA INDUSTRIES: Subsidiary Receives Wind-Up Petition Mascon Sdn Bhd, a 71% owned subsidiary of Olympia Industries Berhad, has been served with a wind-up petition dated Nov. 6, 2007, filed by Geopancar Sdn Bhd. Geopancar, who was a sub-contractor, carried out sub-structure works for the construction of a block 18-story service apartment together with a five-story basement for carpark on Lot 934 and 935, at Section 57, Jalan Bedera, in Kuala Lumpur, for Granite Emas Holdings Sdn Bhd. Granite Emas had defaulted in the progress payments to Mascon, being the main contractor for the project and this has resulted in Mascon's inability to pay Geopancar. The amount claimed is MYR625,406.19, being the outstanding balance due to Geopancar. Olympia clarified, however, that the petition has no material financial and operational impact on its operations. The expected losses arising from the wind-up proceedings will be based on the amount claimed of MYR625,406.19. The solicitors of Mascon will proceed to file an affidavit in opposition against the petition. About Olympia Industries Headquartered in Kuala Lumpur, Malaysia, Olympia Industries Berhad -- http://www.oib.com.my -- is an investment holding company that provides management services to its subsidiaries. The Company, through its subsidiaries, is engaged in property development and management; organizing, managing numbers forecast pools and public lotteries; paint spraying of aluminum, other metal products and related architectural products; civil, building construction works, construction of storage tanks and engineering; stock broking and other financial services; food and beverage business; maintaining and operating Internet-based transaction facilities and services; servicing of oil and gas pipelines, and operation of travel agencies. In October 2006, the Company increased its interest in Jupiter Securities Sdn Bhd from 60.06% to 70.57%. The company is currently operating pursuant to a restructuring scheme. |
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