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Claimants Withdraw Lawsuit Against PropNex's Arm

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PropNex (SGX:OYY) said a lawsuit filed against the company's wholly-owned subsidiary, PropNex Realty, as a co-defendant, has been dropped, according to a Friday filing to the Singapore stock exchange.

The claimants have discontinued and withdrawn the suit, the statement said.

PropNex Realty was named as one of three co-defendants in a lawsuit filed in the High Court of Singapore in February. According to the lawsuit, claimants sought damages against PropNex Realty for alleged breach of duty of care and sought compensation of around SG$367,405 in damages.

The withdrawal of the case is not expected to have any material impact on the financial position and performance of the group for the financial year ending Dec. 31.

PropNex's shares were down nearly 1% in Monday's trade.

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