Yongmao Holdings settles crane incident with CMNT Investment

The incident involved a tower crane sold by Yongmao Machinery to CMNT in 2016.

Yongmao Holdings (YMH) has reached a final statement of all claims with CMNT Investment Pty Ltd, following an incident in October 2018 involving a tower crane that YMH unit, Yongmao Machinery (YMM), had sold to CMNT in July 2016.

On 8 February, CMNT Investment filed a Writ of Summons and Statement of Claim against (YMM), followed by amended statements of claim against YMM.

Under the agreement, the suit shall be dismissed and the terms of the settlement are required to be kept confidential.

The settlement is not expected to have any material impact on the net tangible assets and earnings per share of the Group for the financial year ending 31 March 2025.