Friday July 30, 2010
YHS settles dispute with Padu Bistari
PETALING JAYA: Yeo Hiap Seng (M) Bhd (YHS) has settled its legal dispute with Padu Bistari Development Sdn Bhd amicably.
The dispute, which was brought by Padu Bistari against YHS in 2003 for damages amounting to RM6.7mil for an alleged unlawful termination of a lease agreement, had been resolved.
YHS told Bursa Malaysia yesterday that the matter had come up for mention yesterday at the Ipoh High Court and that the parties had agreed to settle the matter amicably with a payment of RM220,000 by YHS to Padu Bestari.
It added that the settlement sum of RM220,000 would not have any material effect on its earnings per share or net assets for the financial year ending Dec 31, 2010.
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