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HG Metal sues Gayathri Steels for S$1.8m, faces S$2.1m counter-claim
HG Metal is suing customer Gayathri Steels for what the steel distributor alleges S$1.81 million of non-payment for goods sold and interest, the company announced on Tuesday after the market closed.
Gayathri has filed a defence, asserting that HG Metal's claim is premature and that HG Metal is not entitled to its claims, HG Metal reported. Gayathri is also counter-claiming for S$2.09 million plus interest and costs over an alleged breach of contract by HG Metal.
HG Metal said it is currently seeking legal advice, but that the board views the counter-claim to be without merit and plans to vigorously defend against it.
HG Metal shares closed unchanged at 4.3 Singapore cents on Tuesday.