SEDANIA receives RM1.5 million from legal settlement

KUALA LUMPUR: SEDANIA Technologies Sdn. Bhd. has received a long overdue payment from a party in the amount of RM1.5 million.

In November 2019, SEDANIA filed a civil litigation suit against a party for non-payment of long outstanding debt.

In August 2020, SEDANIA won and received judgment in its favour.

Today, SEDANIA is glad to announce that the party has agreed to pay SEDANIA 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.

SEDANIA recently posted its highest quarterly revenue of RM17.1 million and net profit of RM4.2 million since its IPO.

A spokesperson said: “This is certainly positive news to continue the momentum of our performance and sustainability of our business.”