Yongnam Engineering, a wholly-owned subsidiary of Yongnam Holdings AXB , faces a claim of RM1.69 million ($483,000) after failing to make an appearance in the Johor Bahru High Court for the suit filed by Pantech Gelvanising on Dec 8.
According to the statement of claim, Pantech and Yongnam Engineering had agreed for Pantech to provide structural fabrication services at agreed rates and payment terms. However, Yongnam Engineering failed to pay the amount owed to Pantech within the stipulated time, despite several reminders and a notice of claim dated April 18, 2023.
As a result, Pantech is claiming the total debt amounting to RM1,69 million, the interest on the sum of RM1.69 million at the rate of 1.5% per month from Dec 8, 2023 to the settlement of the suit, costs and any relief that the Malaysian Court deems fit.
Shares in Yongnam last traded at 2.6 cents before its share trading suspension on Nov 24, 2022.
