Yahoo Finance Aspen (Group)'s glove subsidiary receives claim for RM29.35 mil
Aspen Glove had earlier received a claim of RM84.4 mil from Tialoc Malaysia
Aspen Glove has received a letter of demand from Multi Purpose Metal Tech claiming nearly RM29.35 million allegedly owed for the design, fabrication and installation of glove-dipping lines at Aspen Glove’s manufacturing facilities.
As cited in the May 18 letter, Aspen Glove got to pay up within seven days and failing which MPMT will be “entitled to take legal action”.
Aspen Glove, a subsidiary of SGX listed Aspen (Group) Holdings, had on April 13 separately received a notice of adjudication from another contractor Tialoc Malaysia claiming RM84.4 million for work done for its glove-making plant. This follows a letter of demand that was first received by Aspen Glove on March 3.
“Aspen Glove disputes the Letter of Demand and contends that MPMT’s claim is not due and payable as the contractual works undertaken by MPMT have yet to be fully completed and there are unresolved issues arising from defects,” states Aspen (Group) in its SGX announcement on May 20.
“Aspen Glove is currently seeking legal advice on the merits of MPMT’s claim and also assessing counterclaims against MPMT,” the company adds.
Headed by president and group CEO Murly Manokharan (picture), Aspen’s core business is in property development but has since joined the fray of companies diversifying into glove-making amid the boom for medical consumables during the pandemic.
Aspen (Group) closed May 20 at 6.1 cents, down 44.55% year to date.
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