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MarketScreener Homepage  >  Equities  >  Singapore Stock Exchange  >  CSC Holdings Limited    C06   SG1F84861094

CSC HOLDINGS LIMITED

(C06)
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CSC : Notification of Pre-Trial Conference

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08/29/2017 | 10:13pm EDT
CSC HOLDINGS LIMITED

Co Registration No. 199707845E

Notice of Pre-trial Conference

The Board of Directors (the "Board") of CSC Holdings Limited (the "Company", and collectively with its subsidiaries, the "Group") wishes to announce that its wholly-owned subsidiary, L&M Foundation Specialist Pte Ltd ("LMFS") has received a notice of pre-trial conference from Registrar of Supreme Court in relation to a writ of summons (the "Writ"), filed by a main contractor, SEF Construction Pte Ltd ("SEF") in the High Court of the Republic of Singapore ("Registrar's Notice").

By way of background, LMFS had entered into sub-contracts with SEF for the proposed erection of a 4- storey commercial building with 4 basement at Marine Parade Central where LMFS carried out the construction of diaphragm wall, soil improvement, bored piling works and extraction of existing piles.

Arising from under-certification of payment claims issued by LMFS to SEF and repeated delays in honouring certified payments by SEF, LMFS initiated two adjudications under the Building and Construction Industry Security of Payment Act (Cap 30B) of Singapore in June 2017 and July 2017.

On 24 August 2017, LMFS received the Registrar's Notice where the pre-trial conference for the Writ has been fixed on 13 September 2017. As of the date of this announcement, the Board has received no notification that the Writ has been served on LMFS. LMFS is not aware of the contents and/or details of the Writ.

The Company has appointed legal counsels and is in the process of seeking legal advice on the nature of the claim under the Writ. The Company is unable to assess the potential impact of the Writ, if any, at this juncture. The Company will make announcements to update shareholders as and when appropriate and/or necessary in respect of the Writ.

In the meantime, shareholders are advised to exercise caution when dealing with the Company's securities. Shareholders should seek advice from their stockbrokers, bankers, solicitors, accountants, tax advisers or other professional advisers if they have any doubt about the action that they should take.

By Order of the Board

Lee Quang Loong Company Secretary

28 August 2017

CSC Holdings Ltd. published this content on 28 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 30 August 2017 02:12:03 UTC.

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Sales 2020 343 M 246 M 246 M
Net income 2020 5,55 M 3,99 M 3,99 M
Net Debt 2020 77,1 M 55,4 M 55,4 M
P/E ratio 2020 8,89x
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Managers
NameTitle
Yen Tarn See Group Chief Executive Officer & Executive Director
Horn Kee Leong Independent Non-Executive Chairman
Chung Chong Koo Group Chief Operating Officer
Quang Loong Lee Chief Financial Officer & Secretary
Boon Hong Gwee Technical Director
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