Allied Tech has S$9.9m in kitty; to start new escrow account with local bank

Singapore

PRECISION engineering firm Allied Technologies has S$9.9 million in the kitty as of end-May and is in the midst of opening an escrow account with a local bank, the Catalist-listed firm said in a filing on Friday.

Allied Tech's current cash holdings stand in sharp contrast to the firm's opening cash balance of S$45.3 million as of May 1. This is mostly due to the S$33.2 milion sum pending recovery from law firm JLC Advisors.