CW Group unable to redeem SGD bonds, faces heat from lender

Singapore

HONG Kong-listed engineering and renewable energy outfit CW Group expects it will not be able to repay Singapore dollar-denominated (SGD) notes and pay a final dividend to shareholders due to its inability to raise new money from investors.

In a Singapore Exchange filing on Thursday, it also disclosed the receipt of statutory demands from its lender, Bank of China (Hong Kong), on June 4 and June 7 for the immediate repayment of HK$157.5 million (S$27.25 million) and US$14.5 million in banking and trade financing facilities from the group, its two executive directors and its subsidiary, CW Advanced Technologies Limited.