Corporate digest

KLW Holdings

CATALIST-listed KLW Holdings said on Monday that it expected to recover an initial amount of S$1 million the same day, in ongoing legal proceedings to recover commitment fees from unauthorised term sheets that were entered into by KLW's former managing director in 2014.

The investment holding and door manufacturing company is claiming a total of about S$7.8 million from Chan Ewe Teik Michael and his company Straitsworld Advisory Limited, for legal costs and the commitment fees paid under the term sheet for a property development project in Zhangye Gansu, China.