JEP Holdings receives letter of demand for US$219,284

JEP Holdings announced on Wednesday that its wholly-owned subsidiary JEP Industrades was served a letter of demand dated June 7 by the solicitors acting for Korean-domiciled company YG-1 Co for a sum of US$219,284.25.

The company said that this is in relation to outstanding payables amount for shipment made in 2016.

JEP said that it is currently seeking legal advice from its solicitors on the implications of the YG-1 claim. It added that the claim amount will not materially nor adversely affect the financial position of the group taken as a whole.

Last month, UMS Holdings made a mandatory conditional cash offer for the shares and an unconditional cash offer for the warrants of JEP, after it acquired additional shares in JEP to raise its stake to 38.8 per cent.