Serial System Recovers MYR9.54 Million in Litigation
MT Newswires
Oct 05
Serial System (SGX:S69) said it has recovered 9.5 million ringgit from MDFF and Dato' John in connection with ongoing litigation, according to a Friday filing to the Singapore bourse.
The company's shares jumped 10% in Monday's trade.
The recovery will lead to a writeback of previously recognized loan provisions and is expected to have a positive impact on the group's net tangible assets per share and earnings per share for the financial year ending Dec. 31.
The company said it will continue working with its subsidiary, Bast Investment's, lawyers to pursue the remaining amount, including interest, of about 9.5 million ringgit.
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