(Company Registration No. 199307300M)
(Incorporated in Singapore)
COMMENCEMENT OF LEGAL ACTION AGAINST MARINE ACCOMM PTE LTD
The board of directors of the Company wishes to announce that the Company has issued a Writ of Summons against Marine Accomm Pte Ltd (“MAPL”) claiming, amongst other things, an aggregate sum of S$2,200,000 owing by MAPL to the Company. In conjunction with the legal action, the Company has also today applied to the High Court for an order to appoint Mr Neo Ban Chuan and Mr Cameron Duncan of KordaMentha Pte Ltd as receivers over all the property and assets of Marine Accomm Pte Ltd (“MAPL”).
The Company holds a 19.86% shareholding interest in MAPL as an investment and does not have any board representation or management control in MAPL.
The Company will continue to keep shareholders updated on any material developments on a timely basis. Shareholders and the public are advised to exercise caution in dealing in the Company's shares or otherwise taking any action in relation to such shares.
BY ORDER OF THE BOARD
Ong Choo Guan
Executive Director and Chief Executive Officer
26 May 2011
