Lincotrade Faces Legal Claim Over Share Transfer Dispute
Lincotrade & Associates Holdings announced that its subsidiary received a legal claim regarding a share transfer dispute. The claimant seeks a court order for a 5% share transfer or compensation, along with damages for unpaid dividends and legal costs. Lincotrade asserts the allegations are baseless and intends to defend itself, stating the dispute will not impact its business operations.
Lincotrade & Associates Holdings said its subsidiary, Lincotrade & Associates, received a statement of claim on March 18 from legal advisers representing the claimant, according to a Wednesday filing on the Singapore Exchange.
The claimant is seeking a court order to transfer 5% of Lincotrade & Associates' enlarged share capital or compensation equal to the value of the shares as of Nov. 4, 2024.
The claimant is also demanding damages for unpaid dividends, interest on those dividends, and legal costs on an indemnity basis.
Lincotrade said it believes the allegations have no merit and plans to defend the case. The company is seeking legal advice on its next steps and said the dispute will not affect its business operations.
