General Announcement::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
10-Feb-2015 17:03:15
Status
New
Announcement Sub Title
CLAIMS AGAINST A MAIN CONTRACTOR
Announcement Reference
SG150210OTHRX0DN
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) wishes to announce that the Company has 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 Claim is for, inter alia, a total refund of a deposit of S$247,170.00 (the Deposit) which the Company has placed with the Contractor pursuant to an agreement entered into with the Contractor, whereby the Company engaged the Contractor to carry out the Works (Agreement), and such other losses and damages arising from the use of the Company's premises.

The Contractor had failed to perform its obligations under the Agreement, and had refused to make full payment for the refund of the Deposit upon the Company's termination of the Agreement and repeated demand for such refund. Accordingly, the Company has commenced legal proceedings to claim for a total refund of the Deposit. The Claim will not have a material impact on the financial position or business of the Group.

The Company will make further announcements as and when there are material developments in relation to the Claims.

Attachments

20150210-SGXannClaimsAgainstContractor.pdf
Total size =49K