Winding-up petition filed against Gold Mart, unit that Hatten Land is divesting

Janice Heng

Published Wed, Nov 3, 2021 · 10:59 PM

A WINDING-UP petition has been filed against Gold Mart Sdn Bhd, a Hatten Land PH0 : PH0 0% unit that is being divested to Singapore-based Tayrona Capital Group Corp, Hatten Land said in a Singapore Exchange filing late on the night of Nov 3.

The property developer's proposed divestment of Gold Mart was approved by shareholders in November 2020, but in an announcement on Sep 17, the supposed completion date, Hatten Land noted that it had not received the US$60 million payment for this deal.

In a Nov 3 release, Hatten Land said it had been notified by Gold Mart that a winding-up petition for RM1.38 million (S$449,000) had been filed against it, by petitioners who claimed that Gold Mart is indebted to them.

The notice of the petition was published in Malaysian newspaper The Star on Oct 11 and 12.

Gold Mart has filed an appeal, and the petitioners have consented to stay the application, pending the outcome of the appeal. As of Wednesday (Nov 3), the date of hearing for the appeal had not yet been set.

"In view of the claim amount, the Board does not expect the petition to have a material impact on the business and operations of the group," said Hatten Land. It advised shareholders and potential investors to exercise caution when dealing in the company's shares.