KUALA LUMPUR (Aug 5): Handal Energy Bhd (KL:HANDAL) said a firm in which its group managing director Sunildeep Singh Dhaliwal is a substantial shareholder is suing the offshore crane services provider over an alleged unpaid payment.
The firm, Seaoffshore Shared Sdn Bhd, is claiming from Handal a purported outstanding sum of RM9.58 million as at June 30, 2024, and another sum of RM170,369 that was invoiced in July 2024.
Seaoffshore's claim against Handal is for payment for purported management services rendered, according to Handal's filing with Bursa Malaysia on Monday.
"After obtaining legal advice, the company has been advised that it has a strong defence to [Seaoffshore's] claim. The company has appointed solicitors to defend itself in the action," Handal added.
Handal has been loss making over the last four consecutive quarters. Most recently, the group recorded a net loss of RM3.64 million for the three months ended March 31, 2024, on the back of revenue of RM743,000.
Revenue was contributed mainly from overhaul maintenance, parts trading, pipeline maintenance, and engineering services maintenance for gas turbines.
Shares in Handal settled 0.5 sen or 7.69% lower at six sen on Monday, with a market capitalisation of RM24.64 million. The counter has fallen by 60%, or nine sen, over the past year.