- Joined
- Mar 12, 2009
- Messages
- 13,160
- Points
- 0
Summons served on Hyflux
Jan 4, 2010
HOMEGROWN water treatment company Hyflux said last night that it has been served with a summons by Istithmar World PJSC (IWP), an investment holding company based in Dubai, over a warrants subscription agreement.
The summons was served on Thursday.
Hyflux said in a statement to the Singapore Exchange that IWP's claim relates to a warrant subscription agreement that the two companies entered into on Nov 23, 2004. This agreement was amended on April 25, 2008.
Hyflux said that it subsequently issued a warrant instrument dated April 25, 2008 and a warrant certificate dated Aug 25, 2008 to IWP.
The local company said IWP alleges that it has acted in breach of the warrant instrument, warrant certificate and warrant terms and conditions in respect of a warrant exercise by IWP in late October last year.
'IWP seeks certain declarations from the Singapore High Court relating to the alleged breach. IWP also seeks an inquiry by the court into the alleged loss and damage suffered and/or to be suffered by IWP as a result of the company's alleged breach,' Hyflux said.
Read the full story in Monday's edition of The Straits Times.
Jan 4, 2010
HOMEGROWN water treatment company Hyflux said last night that it has been served with a summons by Istithmar World PJSC (IWP), an investment holding company based in Dubai, over a warrants subscription agreement.
The summons was served on Thursday.
Hyflux said in a statement to the Singapore Exchange that IWP's claim relates to a warrant subscription agreement that the two companies entered into on Nov 23, 2004. This agreement was amended on April 25, 2008.
Hyflux said that it subsequently issued a warrant instrument dated April 25, 2008 and a warrant certificate dated Aug 25, 2008 to IWP.
The local company said IWP alleges that it has acted in breach of the warrant instrument, warrant certificate and warrant terms and conditions in respect of a warrant exercise by IWP in late October last year.
'IWP seeks certain declarations from the Singapore High Court relating to the alleged breach. IWP also seeks an inquiry by the court into the alleged loss and damage suffered and/or to be suffered by IWP as a result of the company's alleged breach,' Hyflux said.
Read the full story in Monday's edition of The Straits Times.
