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FINWIRES

Creditor Files Restraining Order in Malaysian Court Against Ecobuilt's Subsidiary; Shares Sink 14%

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Ecobuilt (KLSE:ECOHLDS) said Maxi Steel & Aluminium Industries, a creditor of the company's wholly owned subsidiary Rexallent Construction, has filed for a proposed scheme of arrangement along with an application for a restraining order with the High Court of Shah Alam, Malaysia.

The proposed scheme seeks to restructure and settle amounts owed by Rexallent to creditors, according to a Friday filing to the Malaysian bourse.

The company's shares crashed 14% in Monday's trade.

An automatic moratorium of up to two months took effect upon filing, restricting winding-up actions, receiver appointments and certain legal proceedings without court approval.

Ecobuilt said the moratorium is not expected to materially affect the group's financial or operational activities.

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