SG briefs: SingPost, Kitchen Culture, Aspen, Sunright

Singapore Post post boxes at the SingPost mCentre March 2018.Singapore Post post boxes.

Singapore company briefs: Singapore Post (SingPost), Kitchen Culture Holdings, Aspen (Group) Holdings and Sunright Ltd. 

Singapore Post (SingPost)

Singapore Post (SingPost) said Friday new arbitration proceedings have been taken against its wholly owned subsidiary SingPost Logistics Investments (SPLI) by Tan Ho Sung @ Taufiq Tan in the Singapore International Arbitration Centre. 

The dispute is over SPLI’s agreements to purchase Tan’s shares in Famous Holdings, with the purchase of 62.5 percent of Famous Holdings from Tan being completed in 2013, but the acquisition of the remainder not yet completed, SingPost said in a filing to SGX. Other arbitration proceedings related to the transactions have either dismissed Tan’s claims or are not yet completed, the filing said. 

SingPost said Tan has made allegations of breaches of the shareholders’ agreement, the existance of a conspiracy between SingPost and SPLI and an alleged entitlement to dividends, but has not quantified his claim. SPLI and Famous Holdings will continue to defend themselves against the allegations, the filing said. 

Read SingPost’s filing to SGX.

Kitchen Culture Holdings

Kitchen Culture Holdings said Friday it has extended indemnity to directors William Teo Choon Kow and Ang Lian Kiat and to interim CEO Lincoln Teo Choong Han for any losses or costs as a result of a demand letter sent by former CEO Lim Wee Li. 

Lim Wee Li has alleged the statement from the company’s nominating committee with the alleged reasons for terminating Lim’s employment was defamatory and had damaged Lim’s reputation, according to a filing to SGX. 

So far, the cost of the indemnity has been around S$181,183 in legal fees, but the company isn’t able to determine the full financial impact as the legal proceedings are ongoing, the filing said. 

Read Kitchen Culture’s filing to SGX.

Aspen (Group) Holdings

Aspen (Group) Holdings clarified Friday the letter of demand from Tialoc against subsidiary Aspen Glove Sdn. Bdn. (AGSB) claiming MYR93.16 million is allegedly for the full balance contract sum for work performed by Tialoc. 

“AGSB disputes the letter of demand and contends that the amount is not due and payable as there are material unresolved issues in relation to the contractual works undertaken by Tialoc and its vendors/subcontractors which resulted in AGSB suffering losses, among other things, loss of production and drop in efficiency of production capacity,” Aspen said in a filing to SGX, noting it was negotiating with Tialoc.

“AGSB will only release the outstanding payment (if any) to Tialoc once all the outstanding issues are resolved. AGSB is also seeking legal advice on a possible counterclaim against Tialoc,” the company said.

Sunright

Sunright Ltd. warned Friday it expected to report a net loss for its fiscal first half ended 31 January, compared with a profit for the year-earlier period. 

“The operations faced severe challenges with supply constraints for components which have slowed down manufacturing outputs,” Sunright said in a filing to SGX.

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