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Hoe Leong Corporation Ltd. ( (SG:H20) ) has shared an update.
Hoe Leong Corporation Ltd. has provided an update on a long-standing material litigation in the Kuala Lumpur High Court involving its subsidiary Ebony Ritz Sdn Bhd and plaintiff Auspicious Journey Sdn Bhd. The High Court has verbally ruled in favour of Auspicious Journey in the assessment of damages, awarding approximately RM18.673 million in general damages, additional legal expenses in both Singapore dollars and ringgit, interest at 5% per annum backdated to August 2016, costs of RM300,000, and RM450,000 for the plaintiff’s expert fees. Pending the written judgment, Hoe Leong’s board has been advised by counsel that there are sufficient grounds to appeal and is currently deliberating its next steps, including a potential appeal, while cautioning shareholders and investors to exercise care in dealing in its securities until further updates are provided.
More about Hoe Leong Corporation Ltd.
Hoe Leong Corporation Ltd., incorporated in Singapore, operates in the industrial sector and is listed on the Singapore Exchange. The group is involved in engineering-related businesses, with interests that include property and investments in the region, and it has been engaged in a long-running legal dispute in Malaysia linked to these commercial activities.
Current Market Cap: S$15.15M
See more data about H20 stock on TipRanks’ Stock Analysis page.