Aspen (Group) Holdings says its glove-making subsidiary Aspen Glove has received a claim of RM93.2 million ($30.2 million) from Tialoc Malaysia.
The claim, which was received for March 1, was for construction work done to build the manufacturing facilities of Aspen Glove.
Tialoc Malaysia wants payment to be made within seven days from date of the letter, failing which, legal action will be taken.
“Aspen Glove is currently seeking legal advice on the merits of Tialoc’s Claim and assessing counterclaims against Tialoc,” says Aspen.
Aspen, which is headed by president and group CEO Murly Manokharan, is a Penang-based developer that has also diversified into operating restaurants.
Aspen Glove is Aspen’s attempt to ride the booming demand for gloves amid the pandemic.
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On Feb 11, the company recorded a loss of RM59.4 million for 2HFY2021 ended Dec 31, 2021, reversing from a profit of RM85.4 million this time last year. Revenue was down 64% to RM62.4 million.
Aspen shares on March 3 closed at 7.4 cents, up 5.71% for the day but down 32.73% year to date.
