KUALA LUMPUR (April 19): Silver Ridge Holdings Bhd said its wholly owned unit is being sued by a subcontractor over alleged outstanding contract payments.

The telecommunication system solutions provider said Wilstech Sdn Bhd is suing Silver Ridge Sdn Bhd for RM1.36 million over the alleged unpaid sums from five contracts.

“Wilstech alleged that parties had reached a mutual agreement on Oct 17, 2023 that the aforesaid sum is the final outstanding sum from the above contracts,” said Silver Ridge in a bourse filing on Friday.  

“Silver Ridge disputes the said claim and the allegation that parties have reached an agreed mutual settlement sum,” it added.

Silver Ridge said the suit will not impact the company financially or operationally, as Wilstech’s claim is purely monetary in nature, which it notes is within its financial capacity to meet.

“That said, it bears repetition that Silver Ridge has reasonable prospect in successfully defending the civil suit,” it added.  

Wilstech was mainly appointed for the provision of equipment for the installation of telecommunication facilities in buildings, according to Silver Ridge.

The five contracts relevant to the suit were valued at an aggregate RM16.26 million.

Shares in Silver Ridge ended unchanged at 35 sen on Friday, valuing the company at RM76.8 million.