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Ahmad Zaki Unit Hit With Winding Up Petition Over Unpaid Dues

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Ahmad Zaki Resources (KLSE:AZRB) unit Ahmad Zaki has been served with a winding-up petition by Tycotech Aluminium, over an alleged outstanding payment of 890,000 ringgit.

The petition relates to works carried out for the Universiti Teknologi Petronas academic building and TNB substation project in Perak, Malaysia, according to a Tuesday Malaysian bourse filing.

Ahmad Zaki Resources said Ahmad Zaki is not a major subsidiary and does not expect the petition to have a significant financial or operational impact on the group, apart from legal costs.

The company is in discussions with the petitioner to reach an amicable settlement, it added.

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