SINGAPORE - The board of directors of Loyz Energy said the company was served a writ of summons issued by Advance Capital Partners on Sept 10, claiming that Loyz had failed to repay a loan of $4 million.
Loyz said in a statement on Sept 19 that it had sought legal advice on the claim and considered it to be without merit.
It intends to vigorously defend itself against the claim.
"The board is of the view that the writ of summons is not expected to have any material impact on the financial position of the group for the current financial year ending 30 June 2015."
Loyz shares eased 0.1 cent to 19.8 cents.