Otto Marine's shares tumble over creditor's winding-up application

Singapore

SHARES of shipbuilder Otto Marine tumbled to a two-week low on Monday after the company said over the weekend that an unnamed creditor is attempting to wind it up over about S$1.6 million in debt.

The winding-up application has turned out to be short-lived, though, after Otto Marine said in a Singapore Exchange (SGX) filing on Monday that it had paid up the claimed amount in full.