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International Healthway Corporation applies to wind up subsidiary

INTERNATIONAL Healthway Corporation on Wednesday said it has applied to the High Court here to wind up its wholly owned subsidiary, IHC Management Pte Ltd.

The application was made under Section 254 of the Companies Act and was made on Tuesday, it said in a filing to the Singapore Exchange (SGX).

The hearing date for the application has been scheduled for July 22, 2016.

In its explanation for the move, the company said that IHC Management owes it certain sums by way of inter-company loans.

It added that in light of recent developments, it "has made the application to protect its interests in its position as a major creditor of IHC Management".