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TT Int'l Ltd subsidiary receives statutory demand for S$5.2 million
Singapore-listed TT International Ltd announced late on Monday that its 51 per cent owned subsidiary Big Box has received a statutory demand dated March 13 from the solicitors of SCB Building Construction.
It demands payment of approximately S$5.2 million in respect of a judgment obtained by SCB Building Construction from the Singapore High Court on Jan 25 in its claim against Big Box.
The statutory demand states that if Big Box fails to secure or compound SCB's claim within 21 days from the date of service of the statutory demand, Big Box will be deemed to be unable to pay its debts and SCB will be entitled to make an application for a winding-up order to be made against it.
TT International said that it is assessing the impact of the statutory demand and the possibility of an amicable resolution to the matter. It added that it will keep all stakeholders updated on any material development once available.