KUALA LUMPUR: Malaysian quick service food and beverage provider Loob Holding Sdn Bhd of Tealive and Taiwan's La Kaffa International Co Ltd have reached an out-of-court settlement to resolve all disputes arising from their one-time franchise relationship of the latter’s Chatime bubble tea brand.
In a settlement agreement executed yesterday, both parties agreed to withdraw all proceedings in Malaysian courts and arbitration in Singapore.
The companies said the settlement did not constitute or deem by any party as an admission of any allegation and liability.
"Parties have come to an agreement in resolution of their disputes, in which the decision has also been made to stop all court or any other enforcement actions against each other.
"This joint press statement is part of the terms of settlement. Both parties have agreed that all the other terms shall remain private and confidential," they added. © New Straits Times Press (M) Bhd