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Hong Lai Huat Group Limited ( (SG:CTO) ) has shared an announcement.
Hong Lai Huat Group Limited’s subsidiary, PH One Development (Cambodia) Limited, received a Letter of Demand from Shanghai Baoye (Cambodia) Co., Ltd over an alleged outstanding payment of USD 10,958,902.83 related to the D’Seaview project. The Group disputes these claims, citing contractual breaches by SBC, and has counterclaimed for compensation. They have also faced issues with a bounced performance security cheque from SBC, which has legal implications. The Group is taking necessary legal actions and advises caution to shareholders and potential investors.
More about Hong Lai Huat Group Limited
Hong Lai Huat Group Limited, incorporated in Singapore, operates in the real estate industry with a focus on mixed-use development projects, such as D’Seaview in Sihanoukville, Cambodia. The company is listed on the SGX Mainboard and manages projects through its subsidiaries.
YTD Price Performance: -5.00%
Average Trading Volume: 316,252
Technical Sentiment Consensus Rating: Hold
Current Market Cap: S$29.52M
For detailed information about CTO stock, go to TipRanks’ Stock Analysis page.