PropNex unit hit with $367k lawsuit over alleged misrepresentation

Board says case unlikely to materially affect FY2026 results.

PropNex Limited announced that a lawsuit seeking $367,405 has been filed in the High Court of Singapore against its wholly owned subsidiary, PropNex Realty Pte. Ltd. (PRL), over an alleged negligent misrepresentation in a property transaction.

The claim alleges a breach of duty of care, with an alternative claim of vicarious liability, arising from the actions of a single PRL salesperson, according to a bourse filing.

PRL was named as one of three co-defendants in the suit, with the claimants seeking damages jointly and severally.

Meanwhile, the board added that the case is not likely to have a material impact on the group’s financial position or financial performance for the financial year ending 31 December 2026.

PropNex is in the process of obtaining legal advice and intends to defend the action.

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