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Natural Cool served notice of claim; no legal proceedings brought yet
AIR-CONDITIONING services company Natural Cool Holdings Limited announced on Monday that the company had received a notice of claim from Nitto Kogyo Corporation.
Nitto, an electrical components manufacturer, is seeking payment from Natural Cool regarding "certain warranties under the sale and purchase agreement" entered into between both companies in relation to Natural Cool's S$33.89 million sale of Gathergates Group Pte Ltd to Nitto Kogyo on Sept 16, 2015.
No legal proceedings have commenced at this stage, Natural Cool said in a pre-market open filing to the Singapore Exchange.
It said there are "no merits to the claim" and is currently seeking formal legal advice. The company will make announcements to update shareholders and investors of any further developments.
Natural Cool's shares last traded on Nov 28, closing at 9 Singapore cents apiece.