Nalfin Realities 20% associate being wound up.

See below, I have highlighted the relevant details.

http://announcements.bursamalaysia.com/EDMS/annweb.nsf/LsvAllByID/482568AD00295D07482572950032D0D0?OpenDocument

General Announcement
Reference No TC-070305-50945
Company Name : TALAM CORPORATION BERHAD
Stock Name : TALAM
Date Announced : 05/03/2007
Type : Reply to query
Reply to Bursa Malaysia's Query Letter -Reference ID : HY-070302-56373
Subject : NOTICE OF WINDING UP PETITION ON NOBLE RIGHTS SENDIRIAN BERHAD: FURTHER ANNOUNCEMENT

Contents :Further to our announcement dated 1st. March, 2007 and Bursa Malaysia’s request for further information we hereby announce as follows:

1. The details of the default or circumstances leading to the filing of the winding up petition.

The Petitioner, Tan Hooi Leong ( berniaga dibawah nama dan gaya Pembinaan Khas), was appointed as the main contractor to Noble Rights Sdn. Bhd. for the construction of its 208 units at Bukit Beruntung in 1996. The Petitioner claimed for RM887,257.71 and 8% interest per anum from March 2001 until full realisation. The Arbitrator held in favour of the Petitioner/claimant on 1st. March, 2005 which award was subsequently upheld by the Kuala Lumpur High Court on 28th. March, 2006.

a. Judgement sum RM887,257.71

b. minus amount held by stakeholder RM465,449.81 -------------------

c. balance outstanding debt RM421.807.90pursuant to Judgement dated 28.3.06

d. 8% interest per anum on RM887,257.71 from 11.3.2001until 22.7.2002 RM97,040.53(RM194.47 x 499 days)

e. 8% interest per anum on RM421,807.90from 23.7.2002 until 8.8.2006 (RM92.45 x 1477 days) RM136,548.65---------------------

f. d + e above RM233.589.18

g. Amount due to Petitioner: c + f above RM655,397.08

Noble Rights Sdn. Bhd.’s application for a stay of execution pending application to set aside the award was dismissed by the High Court. An appeal to the Court of Appeal has been filed. However, no date as yet been fixed for the hearing of the application.

2. Whether the subsidiary is a major subsidiary.

Noble Rights Sdn. Bhd. is a property investment and development company incorporated on 18th. December 1993 with an authorized capital of RM500,000.00 of which 60% is held by Maxisegar Sdn. Bhd., 20% by PNSB Development Sdn. Bhd. and 20% by Nalfin Realties Sdn. Bhd. Noble Rights Sdn. Bhd. is not considered as a major subsidiary of Talam Corporation Berhad.
3. The steps taken and proposed to be taken in respect of the winding up proceedings .

Prior to the winding up order Noble Rights Sdn. Bhd. tried to settle the matter amicably through negoations but to no avail.

4. The outcome of the hearing on 28th. February, 2007.

Noble Rights Sdn. Bhd. has, on the 28th. February, 2007, been ordered by the Kuala Lumpur High Court to be wound up. The Petitioner to date has not yet served on Noble Rights Sdn. Bhd. with a sealed copy of the Winding Up Order.

Correigendum to the 1st March, 2007 announcement

Talam Corporation Berhad unreservedly apologise and regret the errors appearing in its 1st. March, 2007 announcement and hereby make the necessary corrections:

a. at para 1 where it stated that Noble Rights Sdn. Bhd. is its wholly owned subsidiary which should read as a subsidiary of Maxisegar Sdn Bhd. holding a 60% equity.

b. at para 2 and para ‘iii’ where the sum of RM233,598.18 was stated as the judgement sum, interest included and cost against Noble Rights Sdn. Bhd.in which the correct amount should read ‘RM655,398.08’.

Query Letter content :
We refer to your announcement dated 1 March 2007 in respect of the aforesaid matter.

In this connection, kindly furnish Bursa Malaysia Securities Berhad immediately with the following additional information for public release:The details of the default or circumstances leading to the filing of the winding-up petition;Whether the subsidiary is a major subsidiary; The steps taken and proposed to be taken in respect of the winding-up proceedings; andThe outcome of the hearing on 28 February 2007.

Yours faithfully

INDERJIT SINGH

Head, IssuersListing Division Group Regulations

THYCopy to : Securities Commission (via fax) (Attention : Mr Chung Tin Fah)