Far East Orchard Ltd. (SG:O10) has released an update.
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Singapore’s Far East Orchard Limited has reported that its associate company, Far East Opus Pte. Ltd., is facing legal action from 13 unit owners in SBF Center, claiming misrepresentation and seeking damages or the return of purchase prices totaling about S$42.73 million. Far East Orchard, which has a 20% stake in the associate, believes the claims are without merit and time-barred, and reassures that potential financial liabilities will not materially impact its operations. The company will keep the market updated in accordance with the Singapore Exchange Listing Rules.
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