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Counter is waking up. Price up with good volume in a not so good day.
Something brewing??
bad news...RECEIPT OF WRIT OF SUMMONS
The Board of Directors (the "Board") of CSC Holdings Limited (the "Company") wishes to
announce that on 16 August 2010, CS Construction & Geotechnic Pte. Ltd. ("CSCG"), a
wholly-owned subsidiary of the Company, had been served with a Writ of Summons filed by
Penta-Ocean Construction Company Limited ("POC") in the High Court of the Republic of
Singapore.
By way of background, CSCG are the sub-contractors to POC in the Singapore Parallel Train
Project at Jurong Island where CSCG were carrying out piling works for the Utilities Civil
Works and Interconnects & Tankage Main Civil Works.
By an Adjudication Determination dated 5 August 2010 (“the Adjudication Determination”),
obtained by CSCG under the Building and Construction Industry Security of Payment Act
(Cap 30B) (“the SOP Act”), POC were directed to pay, amongst other things, the adjudicated
amount and interest thereon to CSCG. On 10 August 2010, POC duly paid CSCG the
adjudicated amount pursuant to the Adjudication Determination. Under Section 33 of the SOP
Act, adjudication proceedings are confidential in nature and hence the Company is unable to
disclose the Adjudication Determination and details.
In the Writ of Summons, POC has claimed the sum of S$10,337,342.64, which sum the Board
understands includes recovery of monies paid to CSCG under the Adjudication Determination.
The Company has sought legal advice on the matter and will be vigorously resisting the Claim.
The Company is unable to assess the potential impact of the Claim on the Company, if any, at
this juncture.
The Board will make the necessary announcements to update shareholders and investors of any
material developments in connection with the above matter.
unfavoured period; 20-30b construction demand in singapore 2010 does not even help the piling?
even ryobi kiso with better net margin is testing new low 20
why dun go down?? i m still waiting @ 15
Competitive market, not feasible margin of profit! Contract does not mean profit!
ROI25per ( Date: 16-Nov-2009 16:02) Posted:
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16.5/17 r lately sharebuy price, things have cooled down now
foreign levy thing, still no sell down?
It joins force with Soilbuild for a Tuas project. So , watch it !
ROI25per ( Date: 08-Dec-2009 10:09) Posted:
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singapore property is hot, now they going into it also
confusing state ??????????????????
sold off for small profit, waiting for 16 again
babe, i m waiting for u @ 16
quiet for too long already, hope to see some action for tis penny
another quiet day
seems like 18.5 difficult to break for today
i still waiting, where r the sellers
cleared all @ 20 with dividend, will come back @ right price
20.5 barrier pretty strong.
cant even cross 20.5, look like going downhill. i m waiting for u @ 17