OTHERS CENTURY LOGISTICS HOLDINGS BERHAD ("CENTURY") - LETTER OF DEMAND SERVED ON CENTURY TOTAL LOGISTICS SDN BHD, A WHOLLY OWNED SUBSIDIARY OF THE COMPANY
| CENTURY LOGISTICS HOLDINGS BERHAD |
| Type | Announcement |
| Subject | OTHERS |
| Description | CENTURY LOGISTICS HOLDINGS BERHAD ("CENTURY") - LETTER OF DEMAND SERVED ON CENTURY TOTAL LOGISTICS SDN BHD, A WHOLLY OWNED SUBSIDIARY OF THE COMPANY |
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The Company wishes to announce that its wholly owned subsidiary, Century Total Logistics Sdn Bhd (“CTL”) has received a Letter of Demand amounting to RM21,649,384.64 from Nestle Products Sdn Bhd (“Nestle”) at 6.30 pm on 5 August 2015 for purported losses and damages. The Company and CTL are of the opinion that the demand is baseless and unsubstantiated. CTL intends to counterclaim against Nestle for, but not limited to, damages, expenses incurred, loss of profit and outstanding amounts. Financial impact of the Letter of Demand on the Century Group In the unlikely event that Nestle’s demand materializes, there will be no material financial impact on the Century Group. Steps to be taken in respect of the Letter of Demand CTL has engaged a firm of solicitors to challenge the validity of the demand and to counterclaim against Nestle. The Company will be making further announcements in due course. This announcement is dated 6 August 2015. |
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Announcement Info
| Company Name | CENTURY LOGISTICS HOLDINGS BERHAD |
| Stock Name | CENTURY |
| Date Announced | 06 Aug 2015 |
| Category | General Announcement for PLC |
| Reference Number | GA1-06082015-00026 |
