KUALA LUMPUR (Sept 14): Practice Note 17 (PN17) company EKA Noodles Bhd has obtained a 90-day restraining order from the Penang High Court to prevent further proceedings or actions taken against itself and its eight wholly-owned subsidiaries. In a filing with Bursa Malaysia today, EKA said the order began on Sept 9 and restrains any party, including scheme creditors, from taking actions against the group and its subsidiaries. As a result, the group was unable to comply with its repayment obligations and the order was applied for to facilitate the group in convening a meeting with its creditors to consider approving, with or without any alteration or modification, a proposed scheme of arrangement and compromise. "The order is not expected to have any material impact on its financial and operational matters as it is to solely facilitate the EKA's scheme of arrangement," EKA said. Eka closed 1 sen or 14.29% higher at 4 sen today, valuing it at RM12.48 million.

Source: The Edge Markets September 14, 2016 12:33 UTC