KUALA LUMPUR: Trading in the shares of BASWELL RESOURCES BHD [] was suspended from 9am to 12.30pm on Tuesday, June 14 after it received a winding-up petition. Trading in the shares will resume with effect from 2.30pm on Tuesday.
On Monday, the company said the petitioner Dr Oh Han Cheng, who was a shareholder and directors, had sought for the winding up of Baswell for the default in payment of RM3.31 million.
Of the amount, RM2.80 million comprised of unsecured loans and the remaining RM513,967 were advances granted to Baswell.
Baswell said Oh was a shareholder and a director of Baswell and its subsidiaries -- Baswood Industries Sdn Bhd and Aimwood Furniture Industries (Malaysia) Sdn Bhd.
It said the repayment of the loan was deferred from Dec 16, 2010 to June 16, 2010 at the request of Baswell vide a letter dated Dec 20, 2010, and confirmed and accepted by the petitioner by a letter dated March 25, 2011.
It also said the company had announced on March 30 about its plan to sell Baswood Industries' land for RM19 million and it would use the proceeds to repay RM693,000 out of the RM3.31 million while the outstanding amount would be RM2.26 million.
However, as at June 1, Baswell had failed to pay RM3.31 million or any part thereof.
On Monday, the company said the petitioner Dr Oh Han Cheng, who was a shareholder and directors, had sought for the winding up of Baswell for the default in payment of RM3.31 million.
Of the amount, RM2.80 million comprised of unsecured loans and the remaining RM513,967 were advances granted to Baswell.
Baswell said Oh was a shareholder and a director of Baswell and its subsidiaries -- Baswood Industries Sdn Bhd and Aimwood Furniture Industries (Malaysia) Sdn Bhd.
It said the repayment of the loan was deferred from Dec 16, 2010 to June 16, 2010 at the request of Baswell vide a letter dated Dec 20, 2010, and confirmed and accepted by the petitioner by a letter dated March 25, 2011.
It also said the company had announced on March 30 about its plan to sell Baswood Industries' land for RM19 million and it would use the proceeds to repay RM693,000 out of the RM3.31 million while the outstanding amount would be RM2.26 million.
However, as at June 1, Baswell had failed to pay RM3.31 million or any part thereof.
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