General Announcement::UPDATES ON CLAIMS AGAINST A MAIN CONTRACTOR

Issuer & Securities

Issuer/ Manager
MIYOSHI LIMITED
Securities
MIYOSHI LIMITED - SG1J04885492 - M03
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
08-Apr-2015 17:30:06
Status
New
Announcement Sub Title
UPDATES ON CLAIMS AGAINST A MAIN CONTRACTOR
Announcement Reference
SG150408OTHR5SH8
Submitted By (Co./ Ind. Name)
Sin Kwong Wah Andrew
Designation
CEO
Description (Please provide a detailed description of the event in the box below)
The Board of Directors (the Board) of Miyoshi Limited (the Company, together with its subsidiaries, the Group) refers to its earlier announcement dated 10 February 2015 entitled Claims against a Main Contractor (the Earlier announcement). Unless otherwise defined, the capitalized words and phrases used herein shall have the same meanings as ascribed to them in the Earlier Announcement.

In the Earlier Announcement, the Group had announced that the Company had commenced legal proceedings against its main contractor, Hup Bee Corporation Pte. Ltd. (the Contractor) engaged to carry out construction works ( Works ) at the Company s premises (the Claim).

The Company had since reached an out-of-court settlement (Settlement) on mutually acceptable terms with the Contractor, pursuant to which the Company and the Contractor had entered into a settlement agreement on 8 April 2015. The parties will file their notice of discontinuation in respect of the Claim within 7 days of the Company receiving the payment from the Contractor.

The Settlement is not expected to have any material impact on the financial performance of the Group for the financial year ended 31 August 2015.

The Company will keep its shareholders apprised of the date on which the notice of discontinuation is filed.

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