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Mermaid Marine in $11.69m claim against Jaya Holdings
Mermaid Marine Asia has made a claim of SGD15.625m ($11.96m) against Jaya Holdings over alleged breach of warranties in the purchase of its offshore marine businesses.
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Kalyakan - stock.adobe.com
Cash company Jaya Holdings said in a statement said the claim of SGD15.625m was the cap under the sale and purchase agreement.
Jaya Holdings said: “The company is in the process of seeking further information from the purchaser on the allegations set out in the claim notice to enable the company, in consultation with its advisers, to assess the impact and merits of the purchaser’s claim and to consider and take all appropriate steps to respond to the claim notice.”
Singapore-listed Jaya Holdings announced in February it was selling all its businesses to Mermaid Marine for SGD625m. In a presentation to agm last month Mermaid Marine said due diligence on the deal had been effective and there were "no surprises".
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