FINWIRES · TerminalLIVE
FINWIRES

Capital World Unit Sued Over Alleged Delayed Property Delivery

By

Capital World's (SGX:1D5) subsidiary, Capital City Property, was served with a writ of summons from a buyer of a service unit at its development in Malaysia, claiming a total of 332,789 ringgit over the company's alleged failure to deliver vacant possession within a stipulated timeframe.

The purchase has filed a claim, seeking a refund of the 2,000 ringgit deposit, 80,512 ringgit cashback payment and 250,288 ringgit in progressive construction payments, according to a Tuesday filing with the Singapore Exchange.

The subsidiary is now required to make an appearance within 14 days of the service of the letter to avoid a default judgment.

Meanwhile, the company has engaged legal counsel over the matter, with case management scheduled for June 25 at the Johor Bahru Sessions Court in Malaysia.

Related Articles

Asia

Market Chatter: Hong Kong Listed Companies Group Pushes to Improve Stock Liquidity

The Chamber of Hong Kong Listed Companies is stepping up efforts to address low trading activity in many Hong Kong-listed stocks, arguing that limited liquidity is making it more difficult for companies to conduct secondary fundraising, Bloomberg News reported Monday.Chairman KC Chan said the chamber plans to work with more than 1,000 listed companies, including overseas issuers, to help broaden investor engagement and market visibility, according to the report.A newly formed advisory group within the chamber will provide support to companies pursuing fundraising activities in Hong Kong, the report added.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Hang Seng
Asia

Fitch Affirms ENN Natural Gas' Long-Term Foreign-Currency Issuer Default Rating at BBB

Fitch Ratings affirmed ENN Natural Gas' (SHA:600803) long-term foreign-currency issuer default rating at BBB on the benefits of stake ownership in ENN Energy (HKG:2688), strong geographic diversification, gas purchase advantages, and healthy finances.ENN Natural Gas owns a 34.26% stake in ENN Energy.Fitch expects retail gas sales volume to rise in low single digits in the 2026-2029 period after registering a 1.5% retail growth in 2025, the debt watcher said in a note Tuesday.The natural gas company expects higher margins from its platform gas sales amid the effects of the war in Iran, while ENN Energy's gas distribution division could only see mild pressure on dollar margins.ENN Natural Gas also faces greater price and volume risks compared with city-gas distribution, Fitch said.

HKG:2688SHA:600803
Asia

Market Chatter: Vision Fund Finance Chief to Leave SoftBank

SoftBank Group's (TYO:9984) investment arm Vision Fund's chief financial officer, Navneet Govil, who has been with the technology giant for around a decade, is set to leave the group, according to a Reuters report on Tuesday citing an internal memo.Alex Clavel, chief executive officer of SoftBank ​Investment Advisers, said in the memo that details regarding transition responsibilities will be disclosed in due course, Reuters reported.Govil, chief financial officer of SoftBank Investment Advisers, joined ​SoftBank in 2016 before the launch of the group's first Vision Fund.The memo described Govil as "a valuable partner across the business" as the organization navigated significant market volatility and transformation.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

TYO:9984
Capital World Unit Sued Over Alleged Delayed Property Delivery | FINWIRES