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Luminor Financial Holdings Limited ( (SG:5UA) ) has shared an announcement.
Luminor Financial Holdings Limited announced that its subsidiary, SA Puncak Management Sdn Bhd, has taken legal action against KL Petrogas Sdn Bhd due to a default on repayment obligations. The subsidiary has appointed receivers to manage KLP’s assets to recover the outstanding debt, which stands at approximately RM14.3 million. In response, KLP has filed a lawsuit against SAPM to challenge the receivership and claim damages. Luminor is confident in its legal position and continues to defend its rights vigorously. The financial impact includes an expected credit loss allowance of RM6.7 million, with further provisions made in the current financial year.
More about Luminor Financial Holdings Limited
Luminor Financial Holdings Limited, incorporated in Singapore, operates in the financial services industry. The company, along with its subsidiaries, provides financing facilities and is focused on managing financial assets and liabilities.
Average Trading Volume: 13,315
Technical Sentiment Signal: Sell
Current Market Cap: S$7.87M
For a thorough assessment of 5UA stock, go to TipRanks’ Stock Analysis page.