KUALA LUMPUR (Dec 4): Piling specialist Ikhmas Jaya Group Bhd is being sued by building materials trader Ipmuda Bhd for RM2.97 million over failure to pay for goods supplied.  

Ikhmas Jaya said Ipmuda is claiming a principle sum of RM2.35 million and an interest of RM627,153.

In a filing today, the group said it had entered into a verbal contract with Ipmuda that it will pay all monies due for goods delivered, as per an invoice issued by Ipmuda.

Ikhmas Jaya said it subsequently provided a corporate guarantee in 2016 to Ipmuda that it will pay all amounts due to the latter, so long as the amount does not exceed RM5 million.

The group said it will appoint solicitors to review the suit, and will take all necessary steps to ensure its rights are protected.

Ikhmas Jaya’s share price fell half a sen to 13.5 sen today, with 1.78 million shares traded. Its market capitalisation stands at RM76.35 million.