The Board of Directors of TBCB wishes to announce that its wholly-owned subsidiary company, Ikhmas Jaya Sdn Bhd ("IJSB") had received a Letter of Recall cum Demand dated 13 June 2023 from Messrs Benjamin Dawson Advocates & Solicitors, who is acting on behalf of Bangkok Bank Berhad (“BBB”) in respect of the facilities granted by BBB. IJSB had created the securities documents in favour of BBB as securities for the facility. In this light, Jabatan Pengairan dan Saliran Negeri Kedah Darul Aman ("JPS") has demanded on the net recoupment sum of RM9,595,217.00. 

Messrs Benjamin Dawson Advocates & Solicitors, on behalf of BBB, is demanding for IJSB to remit the sum of RM9,595,217.00 into IJSB's account in order to meet JPS's demand on or before 14 June 2023.

IJSB was also informed by Messrs Benjamin Dawson Advocates & Solicitors that BBB reserves the right to demand payment of any shortfall together with interest at the rate of 3.5% per annum above BBB’s prevailing Base Lending Rate, on monthly rests. 

IJSB is now actively pursuing an amicable settlement arrangement with BBB and will make appropriate announcement(s) to Bursa Malaysia Securities Berhad on the progress thereof.