KUALA LUMPUR (March 13): Taghill Holdings Bhd (KL:TAGHILL), formerly known as Siab Holdings Bhd, is taking legal action against a developer to recover an alleged outstanding payment of RM4.91 million.

In a filing with Bursa Malaysia on Thursday, Taghill Holdings said its wholly owned subsidiary, Taghill Projects Sdn Bhd, has served a payment claim on Dreamlike Development Sdn Bhd under the Construction Industry Payment and Adjudication Act 2012.

According to the group, Taghill Projects was appointed as the main contractor by Dreamlike Development in December 2019, to construct a 22-storey serviced apartment in Ipoh for RM48.4 million.

The work, including variation works, was completed without complaints and officially handed over in March 2023, the group said.

Taghill Holdings said that apart from the unpaid claim, the matter is not expected to have a material financial or operational impact on the group.

Taghill Holdings shares closed unchanged at 10 sen on Thursday, valuing the group at RM155.6 million.