Informatics Holdings's franchisee in Hainan has dropped a suit against the company.
In a brief disclosure statement to the Singapore Exchange, Informatics said KS Consultants Pte. Ltd. and Kim Seng Holdings Pte. Ltd. have dropped their claim against Informatics Holdings Ltd. and will remain Informatics' master franchisee for the Chinese island of Hainan.
No reasons were provided for the settlement.
In November, KS Consultants and Kim Seng, which jointly hold the Hainan franchise, sued Informatics for S$240,000 plus costs and damages, alleging that Informatics had made several misrepresentations when selling the franchise.