Petra Perdana Bhd ... Dec09

Petra Perdana Bhd’s (PPB) executive director Shamsul Saad has obtained an ex-parte injunction to stop the sale of the remaining 29.59% stake in its associate Petra Energy Bhd (PEB).

The order was addressed to PPB, the company’s executive chairman and CEO Tengku Datuk Ibrahim Petra, his wife Datin Che Nariza Hajjar Hashim, two other board directors — Wong Fook Heng and Tiong Young Kong — as well as TA Securities Holdings Berhad.

According to the documents, an inter-party hearing for the case at the Kuala Lumpur High Court is set for the middle of January 2010. Shamsul is also a shareholder of PPB.

In granting the ex-parte injunction, the court ordered that the sale of the block be prohibited until PPB convenes an extraodinary shareholders meeting and/or until the disposal of the suit, whichever is earlier.

The legal suit follows PPB’s recent disposal of its interest in PEB that has resulted in the company now owning 29.59% of PEB.