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Tiong Seng’s Malaysian Subsidiary Faces Legal Dispute Over Precast Concrete Works

Story Highlights
  • Tiong Seng’s subsidiary RVSB is involved in a legal dispute with Prima Precast over unpaid works.
  • The ongoing legal proceedings may affect Tiong Seng’s operations and financial obligations.
  • Looking for the best stocks to buy? Follow the recommendations of top-performing analysts.
Tiong Seng’s Malaysian Subsidiary Faces Legal Dispute Over Precast Concrete Works

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Tiong Seng Holdings Limited ( (SG:BFI) ) just unveiled an update.

Tiong Seng Holdings Limited announced that a winding up petition filed against its Malaysian subsidiary, Robin Village Sdn. Bhd. (RVSB), by former subcontractor Prima Precast Sdn. Bhd. has been withdrawn. The petition stemmed from a dispute over unpaid certified works and concrete supplied. An interim award of approximately RM1.3 million was granted to Prima Precast, but RVSB’s legal advisers noted it is not a final determination. RVSB has initiated a civil suit against Prima Precast seeking damages over RM 3 million for various claims. The legal proceedings, including a stay application for the interim award, are ongoing, potentially impacting the company’s operations and financial obligations.

More about Tiong Seng Holdings Limited

Tiong Seng Holdings Limited, incorporated in Singapore, operates in the construction industry, focusing on the manufacturing and supply of precast and prefabrication construction components through its subsidiary Robin Village Sdn. Bhd. (RVSB) in Malaysia.

Average Trading Volume: 251,917

Technical Sentiment Signal: Hold

Current Market Cap: S$44.26M

For detailed information about BFI stock, go to TipRanks’ Stock Analysis page.

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