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Camsing Healthcare's subsidiary receives letter of demand for S$2.21m plus interest
Camsing Healthcare announced late on Monday night that its wholly-owned subsidiary, William Jacks & Company (Singapore) Private Limited, has received a letter of demand dated Aug 27, 2019 from UOB claiming repayment of S$2.21 million, together with further interests accruing from Aug 23, 2019.
The amount arose from banking facilities granted by UOB to William Jacks’s wholly-owned subsidiary Nature’s Farm, which has defaulted in making payments owed to the bank.
William Jacks has provided a corporate guarantee to pay to UOB or discharge on a full indemnity basis of all money owed by Nature’s Farm.
The company said that it is seeking professional advice on the above and will provide an update when there are further developments.