Jaya faces S$15.6m claim from Mermaid Marine Australia

CASH company Jaya Holdings said it has received a claim for S$15.6 million from Mermaid Marine Australia, which bought all of Jaya's subsidiaries and businesses for S$625 million in June.

The claim involves an alleged breach of warranties under the sale and purchase agreement, Jaya said.

"The company is in the process of seeking further information from the purchaser on the allegations set out in the claim notice to enable the company, in consultation with its advisers, to assess the impact and merits of the purchaser's claim and to consider and take all appropriate steps to respond to the claim notice," Jaya said.

As at Sept 30, Jaya had net current assets of S$19.7 million on its books.

Jaya shares closed at 4.1 Singapore cents on Monday, down 2.4 per cent or 0.1 Singapore cent, before the announcement.