Offshore marine services provider PACC Offshore Services Holdings (POSH) says it was served on Sept 2 with a writ of summons and statement of claim by Kensteel Engineering for $7.1 million of damages and a deposit paid.
POSH had in January 2015 bought a property from Kensteel. The acquisition is subject to Kensteel obtaining approval from Jurong Town Corporation. JTC rejected the application and POSH tried to get a refund of the deposit it paid under a sales-and-purchase agreement.
Kensteel is claiming that it is entitled to forfeit the deposit, and is also claiming for damages of $3.3 million which it alleges it suffered as a result of the sale of the property not having been completed.
The total sum of the deposit ($3.8 million) and the claim for damages of around $3.3 million adds up to $7.1 million, or 9.4% of POSH's 2014 net profit after tax, and less than 0.1% of the group's audited net tangible assets at end-2014.
POSH shares closed 3.1% lower at 31.5 cents on Thursday.
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POSH had in January 2015 bought a property from Kensteel. The acquisition is subject to Kensteel obtaining approval from Jurong Town Corporation. JTC rejected the application and POSH tried to get a refund of the deposit it paid under a sales-and-purchase agreement.
Kensteel is claiming that it is entitled to forfeit the deposit, and is also claiming for damages of $3.3 million which it alleges it suffered as a result of the sale of the property not having been completed.
The total sum of the deposit ($3.8 million) and the claim for damages of around $3.3 million adds up to $7.1 million, or 9.4% of POSH's 2014 net profit after tax, and less than 0.1% of the group's audited net tangible assets at end-2014.
POSH shares closed 3.1% lower at 31.5 cents on Thursday.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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