New high for Dagang NeXchange Bhd
KUALA LUMPUR: MClean Technologies Bhd
is seeking RM1.26mil from Decor Industries Pte. Ltd after its subsidiary failed to meet its profit guarantee of RM4.64mil under a corporate exercise.
It said on Tuesday Decor's unit DWZ Industries Sdn. Bhd recorded an audited profit after tax for the financial year ended Dec 31, 2016 of only RM2.34mil.
Mclean said it had served a letter to Decor for the settlement of RM1.266mil, which was 55% of the shortfall amount within 21 business days from May 23, 2017.
On June 5, 2015, Mclean had signed a share sale agreement with Decor wherein provided a profit guarantee that DWZ would achieve a profit of RM4.64mil for FY ended Dec 31, 2016.
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