Back 08 Jul 2025

Enviro-Hub Initiates Legal Action in Malaysia to Recover MYR22.96 Million Under Profit Guarantee for Pastel Glove Acquisition

Link: https://links.sgx.com/1.0.0/corporate-announcements/TT9IMU6LIUJRCUCO/34d29b72261219405fa2227f461395f733e0f4a8472eef5c9a6774fd0da35f66

Summary:

  • Enviro-Hub Holdings, through its subsidiary, acquired 75% of Pastel Glove Sdn. Bhd. (PGSB) with profit guarantees from the vendors.

  • The company served a Letter of Demand on 9 June 2025 to vendor Law Siau Woei (LSW) for MYR22,964,380 (approximately S$6.95 million) due under the profit guarantee, covering adjusted net losses for 2023 and 2024, trade receivables/payables, and advances.

  • LSW did not respond or pay within the stipulated period.

  • Enviro-Hub filed a statement of claim on 8 July 2025 in the High Court of Malaya at Muar seeking:

    • declaration of breach of SPA clauses

    • payment of MYR22,964,380

    • aggravated and exemplary damages

    • pre- and post-judgment interest at 5% p.a.

    • costs on an indemnity basis and other reliefs.