April 29, 2017 8:52 AM ET

Company Overview of Mencast Marine Pte. Ltd

Company Overview

,  

Singapore

Founded in 1994

Key Executives for Mencast Marine Pte. Ltd

Executive Director
Compensation as of Fiscal Year 2016.

Mencast Marine Pte. Ltd Key Developments

Mencast Holdings Ltd. and Mencast Marine Pte. Ltd Announces Withdrawal of Litigation

The Board of Directors of Mencast Holdings Limited referred to the announcement dated 28 December 2016 in relation to an Originating Summons served against the company and Mencast Marine Pte Ltd. in the High Court of the Republic of Singapore. Further to the prior announcement, the company announced that the Plaintiff has formally withdrawn the Court action against the company and MMPL. MMPL and the Plaintiff have since agreed to refer the matter to arbitration.

Mencast Holdings Limited and Mencast Marine Pte Ltd Receive an Originating Summons

The Board of Directors of Mencast Holdings Limited announced that on 22 December 2016, the company was served an Originating Summons in relation to Suit No. HC/OS 1312/2016. The Summons was commenced in the High Court of the Republic of Singapore by LQS Construction Pte Ltd. against the company, as the 1st Defendant. In the same Summons, the company's wholly owned subsidiary entity, Mencast Marine Pte Ltd. (MMPL) has been named as the 2nd Defendant. The Plaintiff is seeking, amongst others, a declaration that the company and MMPL, jointly and severally, do owe and pay the sum of $3,298,712.08 to the Plaintiff, being the alleged balance contractual sum, inclusive of retention sums, in respect of a Building Contract between the Plaintiff and MMPL (as Employer) for the construction of an office building at Penjuru Road. The company has received preliminary legal advice that the Plaintiff's claim in the Summons against the company is without merit as the company is not a party to the Building Contract. In relation to the claim against MMPL, the company's lawyers are still reviewing the matter and will advise the company on all necessary measures to resist and refute the Plaintiff's claims in the Summons. The Board will make the necessary announcements to update the company's shareholders and investors of any material developments in connection with the said matter.

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