Mermaid is said to be claiming SGD 15.6m ($12m), the maximum cap allowed for all claims arising from the acquisition.
“The company is in the process of seeking further information from the purchaser on the allegations set out in the claim notice to enable the company, in consultation with its advisers, to assess the impact and merits of the purchaser’s claim and to consider and take all appropriate steps to respond to the claim notice,” Jaya Holdings said.
“The
