Nam Cheong gets writ of summons, statement of claim from AmBank

NAM Cheong said in a Singapore Exchange (SGX) filing on Thursday that the company and its wholly owned subsidiary, Nam Cheong Dockyard Sdn Bhd, had on Wednesday received a writ of summons and statement of claim dated Aug 7 filed by AmBank in the High Court of Malaysia.

This comes as the group is in the midst of restructuring discussions with its principal lenders to address significant debt maturities and other obligations owed to financial lenders and trade creditors.

According to the SGX filing, Nam Cheong Dockyard owes AmBank RM70.4 million (S$22.4 million) as at July 30 this year.

The group said it is reviewing the writ of summons and seeking legal advice on the matter, and that it remains committed to the restructuring and will continue to engage in discussions with its principal lenders - which include AmBank - and other key stakeholders.