Astaka Holdings unit faces contractor's claim

CATALIST-LISTED property developer Astaka Holdings, which last week had its requests to put off its annual general meeting (AGM) and yearly returns rejected, told shareholders on Thursday that a subsidiary faces a claim for some RM3.2 million (S$1.05 million), as well as interest and costs.

According to a bourse filing, Aliran Asia Sdn Bhd is claiming the unpaid sums for work that it was hired to do as a contractor of Astaka's Malaysian unit Astaka Padu.

Aliran Asia had been tapped, back in May 2017, to carry out design, supply and installation works for exterior lighting, with a letter of award to the tune of RM11.3 million.

Astaka's board said in an announcement on the Singapore Exchange (SGX) website that the group is in talks with Aliran "to clarify the outstanding sums under the payment claim".

The board will make announcements when there are further material developments, it added.

Meanwhile, the SGX has rejected Astaka's request for more time to hold its AGM for FY2019 and to announce its Q1 2020 results, and requires the company to do both "as soon as possible".

The bourse operator's decision comes in the wake of a similar denial by the Accounting and Corporate Regulatory Authority (Acra), disclosed on Dec 11, which mandates Astaka to convene its AGM by Dec 30 and file its annual returns by Jan 29, 2020.

The board has now said that it is working with audit firms EY and KPMG to finalise an independent report, the FY2019 auditors' report, and the first-quarter financial statements.

It plans to release the results by Jan 30, 2020, and to hold the AGM by Feb 7, 2020, it said.

Trading in Astaka shares has been suspended since September.