PACIFIC HEALTHCARE HOLDINGS LTD. PACIFIC HEALTHCARE HOLDINGS LTD.
(Incorporated in the Republic of Singapore) (Company Registration No. 200100544H)
The Board of Directors of Pacific Healthcare Holdings Ltd. (the "Company") wishes to announce that legal proceedings have been instituted against (i) the Company (the "PHH Claim") and (ii) its subsidiary, Pacific Healthcare Nursing Home Pte. Ltd. (the "PHNH Claim").
Details of the claims are as follows:-
This claim is made by Chan Ewe Teik ("Chan") and relates to the recovery of an alleged loan extended by Chan to Pacific Healthcare Nursing Home Pte. Ltd. amounting to a sum of S$500,000.
This claim is made by Chan and Straitsworld Advisory Ltd ("Straitsworld") in relation to:-
the recovery of monies amounting to a sum of S$500,000, on the basis of alleged loans advanced by Chan and Straitsworld to the Company; and
the recovery of monies amounting to a sum of S$1,781,620, as part consideration for the proposed disposals by the Company of all its shares in Pacific Surgical and Endoscopy Centre Pte. Ltd. ("PSEC") and Pacific Healthcare (Indonesia) Pte. Ltd. ("PHI"), such companies being wholly-owned subsidiaries of the Company (the "Proposed Disposals").
By way of background, the Company had, on 16 January 2015, announced that it had entered into two sale and purchase agreements with Straitsworld for the Proposed Disposals. It was subsequently announced on 4 May 2015 that the sale and purchase agreements for the Proposed Disposals were terminated as the conditions precedent were not fulfilled or waived by the Long-Stop date.
The Company is currently seeking legal advice and will, in consultation with its solicitors, take all necessary steps and measures to defend both the PHNH and PHH Claims vigorously.
The Company will release further announcements to update its shareholders on any material developments in relation to the legal proceedings as and when appropriate.
Leslie Koh Kok Heng
Interim Chief Executive Officer and Chief Financial Officer 9 March 2016
Pacific Healthcare Holdings Ltd. issued this content on 09 March 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 10 March 2016 07:04:22 UTC
Original Document: http://pachealthholdings.com/wp-content/uploads/2016/03/SGX-Ann-PHH-Ann-Llitigation-Final-released-on-09Mar2016.pdf
