LIMESTONE miner GCCP Resources said Wednesday that vendor Ujiteknik Geoenviro has dropped a RM321,368 (S$107,025) lawsuit against subsidiary Gridland, and that there will be no further legal proceedings on that dispute.
Gridland has also withdrawn its counterclaim for RM163 million related to the same dispute.
Gridland had hired Ujiteknik to provide drilling exploration and extraction of limestone samples for the purpose of preparing an independent qualified person's report. Ujiteknik filed its lawsuit in February 2015, alleging unpaid amounts by Gridland. Gridland filed its defence and counterclaim in April.
GCCP stock ended Wednesday at 14.5 Singapore cents, up by 2.8 per cent or 0.4 Singapore cent, before the announcement.