Quick take: London Biscuits falls 5.8% as firm defaults on payment obligations

  • Stock on the Move
  • Wednesday, 08 Jan 2020

KUALA LUMPUR: London Biscuits Bhd’s share on Wednesday fell over 5.8% after the company said it had been served with a writ of summons for defaulting RM1.256mil.

The confectionery manufacturer shed 5.88%, or 0.5 sen to eight sen with 509, 400 shares traded.

London Biscuits has been served with a writ of summons and statement of claim from PAC Lease Bhd for defaulting in payment obligations amounting to RM1.256mil.

London Biscuits said it received a copy of the writ of summons, together with the statement of claim on Jan 6 filed by Messrs C. L. Boo & Associates, the solicitors for PAC Lease.

"The suit was filed on the basis that Kinos (Kinos Food Industries (M) Sdn Bhd), the wholly-owned subsidiary of London Biscuits, has defaulted in its payment obligations to PAC Lease.

“Consequently, London Biscuit as the corporate guarantor of Kinos was also unable to

meet its payment obligations to pay PAC Lease," it said.

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