My experience with MRM, page-29

You can read quarterly updates on this on the SGX website under Jaya holdings announcements. Last update was their Annual report Oct 2015. No change in status since February. Issue is financially material to jaya as it is now a shell holding company - not as material to MMA as they will get a cash gain but no impact to financials as any gain would have to be offset against impairments that they have written down.


In February 2015, the Company received a notice of arbitration from MMA notifying the Company of the commencement of arbitration proceedings against the Company in connection with an alleged breach of warranties under the sale and purchase agreement (“SPA”) entered into between the Company and MMA in respect of the Divestment. MMA is claiming, amongst other things, the sum of S$15,625,000, being a cap amount agreed for all claims arising under the SPA. The Board believes that the claims are unmeritorious and frivolous and accordingly, the Company intends to vigorously defend the claim. The arbitration is currently on going and the Company will make announcements on any material developments in connection with this matter as and when appropriate.