Ikhmas Jaya unit sued over RM2.69m debt

TheEdge Fri, Jul 03, 2020 11:26pm - 3 years View Original


KUALA LUMPUR (July 3): Ikhmas Jaya Group Bhd said today that its subsidiary has been slapped with a lawsuit over an unpaid debt of RM2.69 million and also served with a winding-up petition over another debt of RM268,011.

In a filing with Bursa Malaysia, the construction group said its wholly-owned Ikhmas Jaya Sdn Bhd (IJSB) is being sued by Choo Seng Hardware Co (Ipoh) Sdn Bhd over alleged non-payment of RM2.69 million for tools and equipment supplied.

Despite Choo Seng subsequently issuing a letter of demand to IJSB for the amount owed, IJSB had allegedly not paid up, Ikhmas Jaya said.

“The company is in consultation with its solicitors on the appropriate action to be taken to ensure that the rights of the company are protected,” it added.

In another filing, Ikhmas Jaya said IJSB has received a winding-up petition filed by Yee Loong Engineering Sdn Bhd over an unpaid amount of RM268,011 arising from an engineering job sub-contracted to Yee Loong.

“The matter is under ongoing negotiation between IJSB and Yee Loong for an amicable out of court settlement,” the group said, adding that a hearing has been fixed for Dec 9.

Separately, Ikhmas Jaya said its executive director Ang Wei Zhen, 35, has resigned from the post “to strengthen objectivity and independent deliberation at the board”.

The group also announced the appointment of Datuk Tan Choon Hwa as its independent and non-executive director.

Tan, 62, is a businessman with 20 years of experience in various industries such as timber mining, hotel resort, housing land development and finance investment holding. He is the executive chairman of TCH Resources Group and also holds directorship in Wazlian Group. He is the vice president of TA PAY Group, as well as IBG Group, Ikhmas Jaya said.

Ikhmas Jaya’s share price closed unchanged at eight sen today, with 9.87 million units done. This gave the counter a market capitalisation of RM47.07 million.

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.






Related Stocks

BURSA 7.450
TOPBLDS 0.005

Comments

Login to comment.