Financial Wire

Ahmad Zaki Resources Unit Hit With Winding Up Petition; Shares Drop 4%

-- Ahmad Zaki Resources (KLSE:AZRB) unit Ahmad Zaki has been served with a winding-up petition over an alleged unpaid sum of 1.81 million ringgit, according to a Monday Malaysian bourse filing.

Shares fell 4% in Tuesday's afternoon trade.

The petition, filed by Tenaga Nirwana (M) in February, relates to alleged outstanding payments for quarry materials supplied.

The company said Ahmad Zaki is not a major unit and expects no significant financial or operational impact.

The unit is in talks with the petitioner to reach an amicable settlement, the filing said.

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Ahmad Zaki Resources Unit Hit With Winding Up Petition; Shares Drop 4% | Financial Wire