Announcement Details/Table Section :
In view of the outstanding related party receivables, the Board of Directors of Kia Lim Berhad is pleased to announce that the amount has improved after taking the following actions:-
(a) Send out reminder letter
(b) Send out notice of demand, should the above action (a) fails
(c) Negotiate for settlement as the last resort
Some of the outstanding related party receivables had been settled whilst some of them are paid through a maximum of 8 years’ installment scheme. Negotiations are still in progress for the remaining cases.
The Board of Directors will continue with its effort to recover the outstanding related party receivables.
The breakdown of the outstanding related party receivables is enclosed herewith.
This announcement is dated 28 February 2011.