Aspen (Group) Holdings says that its subsidiary Aspen Glove (AGSB) has received a notice of adjudication from its 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 AGSB on March 3.
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.
“According to the Notice of Adjudication, Tialoc is seeking payment claim in the sum of RM84,348,615.20 together with financing charges, cost and any other relief as may be Appropriate,” states Aspen on April 13.
According to Aspen, AGSB, the subsidiary, is now “working closely with its legal advisors to vigorously contest” the claim by Tialoc.
Aspen (Group) closed April 13 at 7.2 cents, up 2.86% for the day but down 34.55% year to date.
