KUALA LUMPUR (Nov 11): Century Logistics Holdings Bhd said it has reached an amicable settlement with Nestle Malaysia Bhd after the two sides were engaged in court proceedings.

It said its wholly-owned unit Century Total Logistics Sdn Bhd (CTL) will pay Nestle’s subsidiary, Nestle Products Sdn Bhd, RM2.25 million as full and final settlement of their claims.

The two sides have withdrawn their respective claims filed in the courts against each other with no order as to cost and without liberty to file afresh, Century Logistics said in a filing today.

Last year, CTL received a letter of demand for RM21.6 million from Nestle for purported losses and damages. However, the company found the demand of RM21.6 million to be 'baseless and unsubstantiated'.

Century Logistics then filed a claim against Nestlé Products Sdn Bhd seeking RM8.44 million for “damages and loss of profit resulting from misrepresentation” by the latter.

The logistics company also filed four counter-claims against Nestlé Products, Nestlé Manufacturing (M) Sdn Bhd, Nestlé Asean (M) Sdn Bhd and Cereal Partners (M) Sdn Bhd to seek alleged outstanding sums of RM853,997 “being amount payable for services rendered for interim assignments that had been undertaken by CTL.”

Century Logistics' share price closed down 1.09%, giving it a market capitalisation of RM350.04 million.