Hoe Leong: UOB's letter of demand won't affect its viability

Singapore

THE board of Hoe Leong Corporation said a letter of demand received by its subsidiary, Arkstar Voyager, from United Overseas Bank (UOB) claiming repayment of about S$5.66 million, will not affect the group's ability to carry on its business as a going concern.

The heavy equipment supplier on Wednesday disclosed the letter of demand received by its wholly-owned unit. The amount represents the loan principal and accrued interest up to May 31, 2019.