MiLOC Group Limited - UPDATE ON SUPPLIER DISPUTES

CRUSHMETRIC

03/05/2022 12:12

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RNS Number : 1282K  MiLOC Group Limited  03 May 2022

3 May 2022

 

MiLOC GROUP LIMITED

("MiLOC" or "the Company")

 

UPDATE ON SUPPLIER DISPUTES

 

 

The Company announces that, further to the announcement of 28 January 2022,
its subsidiary, Star Collaboration (Guangzhou) Limited ("Star C") has signed a
settlement agreement with the supplier for one of the legal proceedings,
whereby Star C will pay a total of approximately £60,714 (equivalent to
approximately RMB500,000).

The Company also announces that Star C and Star C's immediate holding company,
has been notified by another supplier of the commencement of a legal
proceeding, seeking RMB1,783,000 (approximately GBP216,500) in trade payables
from the Company, that are in dispute with regard to the amount. The Company
will defend its the case. Further updates will be announced once further
information becomes available.

 

The directors of the Company accept responsibility for the contents of this
announcement.

 

For further information, please contact:-

 

 MiLOC

 ONG Ban Poh Michael - Chief Executive Officer

 Lilian Lo - Acting Chief Financial Officer      Tel: +852 2110 4221

 AQSE Growth Market Corporate Adviser            Tel: +44 (0) 20 7469 0930

 PETERHOUSE CAPITAL LIMITED

 Guy Miller

 Mark Anwyl

 

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