KUALA LUMPUR, Security seal manufacturer Mega Fortris Bhd (KL:MEGAFB) has been taken to court by a Singapore-based consultancy firm over an alleged breach of contract related to its listing on Bursa Malaysia.
In a filing, the company said Whatman Capital Pte Ltd filed the lawsuit concerning a March 2023 consultancy agreement. The contract covered advisory services for Mega Fortris’ transition from a private to a public company and its eventual Main Market listing in November 2023.
Also named in the suit are non-independent non-executive chairman Datuk Ng Meng Kee and his brother, group managing director and CEO Datuk Ng Meng Poh. Whatman Capital is seeking payments of RM3.03 million and RM1.93 million, plus interest.
Mega Fortris said it has obtained legal advice and believes the claim “lacks merit and legal basis,” adding that it is confident in its ability to successfully defend the case. “The board is of the view that the claim will not have any material financial or operational impact on the company at this stage,” it said.
Mega Fortris’ majority shareholder, Mega Fortris Global Pte Ltd, holds a 65% stake and is linked to the Ng family. On Monday, Mega Fortris shares rose 2.5 sen or 3.85% to close at 67.5 sen, giving the company a market capitalisation of RM570.36 million.
