Sedania unit receives RM1.5m in debt settlement

Sedania unit receives RM1.5m in debt settlement
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KUALA LUMPUR (June 14): ACE Market-listed Sedania Innovator Bhd said its subsidiary has received RM1.5 million as settlement of a long overdue debt.

In a statement, the group said Sedania Technologies Sdn Bhd had sued Professional Science Technologies Sdn Bhd and its director Muzir Md Zanib over the debt in November 2019, and won the case in August 2020.

Sedania said the party then agreed to pay the group RM1.5 million as full and final settlement.

“The outstanding amount which was fully impaired in 2018 will be recognised as other income in Q2 and Q3 2021, and will contribute directly to the company’s quarterly profit respectively,” it added.

At the time of writing, shares of Sedania were down 16 sen or 16.41% at 82 sen, bringing the group a market capitalisation of RM279.79 million.

S Kanagaraju