Corporate Digest

Aspen (Group) Holdings

The company said on Thursday that its subsidiaries Aspen Vision Land and Aspen Vision City, had on Wednesday filed a defence and counterclaim in response to a claim initiated by Penang Development Corporation (PDC).

PDC is claiming a sum of RM1.8 million (S$584,734) in relation to infrastructure construction work in connection with the purchase and development of land in Batu Kawan.

The subsidiaries have made a counterclaim for damages amounting to RM161.6 million in relation to losses they incurred as a result of misrepresentations and/or breaches of agreements between the parties.

Aspen said the suit is not expected to have a material financial impact on the group's consolidated net tangible assets or earnings per share for the current financial year.

Heeton Holdings, Lian Beng Group, KSH Holdings

The companies announced separately on Thursday the proposed disposal of properties in Australia.

The first property being disposed of is at 186 Wickham Street in Brisbane. The property is effectively held by Heeton Holdings, Lian Beng Group and KSH Holdings in the proportion of 55 per cent, 30 per cent and 15 per cent respectively.

The second property being disposed of is at 29 Ranwell Lane, also in Brisbane. This property is effectively 70 per cent held by Heeton Holdings, with the remainder held by Lian Beng.

The properties are being sold to an Australian entity at a total consideration of A$18.2 million, and completion is expected to take place in the first quarter of next year.

The companies do not expect the disposal to have any material impact on their net tangible assets per share or earnings per share for their current financial years.