SINGAPORE (June 13): JEP Holdings says wholly-owned subsidiary JEP Industrates has received a letter of demand dated June 7, 2019, by solicitors acting for South Korea-based YG-1 Co.
The letter of demand requests for the payment of US$219,284.25 ($298,500) in relation to outstanding payables amount for shipment made in 2016.
JEP is currently seeking legal advice from its solicitors on the implications of the YG-1 Claim.
The group says that this claim amount will not materially nor adversely affect its financial position taken as a whole.
In May, UMS made a mandatory conditional cash offer for the shares and an unconditional cash offer for the warrants of JEP, after it acquired additional shares in JEP to raise its stake to 38.8%.
Shares in JEP Holdings last traded at 15 cents on Wednesday.
