Innopac Holdings faces winding-up summons from creditor
MAINBOARD-LISTED Innopac Holdings was hit with a winding-up summons from a creditor one-and-a-half weeks ago, the board disclosed on Monday evening.
CBK Holdings - which served a statutory demand on Innopac in March for almost S$214,000 in loan principal and interest - filed the application on April 24, with a hearing set for May 17.
But the Innopac board said that the investment holding company's operations "are not expected to be materially affected by the winding-up application".
It added that it is weighing its options, such as paying out the amount claimed by CBK and asking for the winding-up application to be withdrawn or set aside.
Innopac had previously told the bourse operator that it "was and is still pursuing a viable payment proposal to meet these claims", including a claim for more than S$155,000 from erstwhile potential investor Lim Wee Kiat. The Singapore Exchange had asked why the statutory demands, served in December 2018 and March 2019, were announced only on April 15, 2019.
"Shareholders and potential investors are advised to exercise caution when dealing with the securities of the company," the board added.
Trading in Innopac shares has been suspended since June 7, 2018.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Hotel Properties prices 5-year notes at 5.1%
Apple to hold launch event on May 7, with new iPads expected
OUE Reit obtains S$600 million unsecured sustainability-linked loan
US: Wall St opens higher as more earnings roll in
GE Aerospace raises earnings goal on strong engine sales
BRC Asia to buy 19.9% of steel reinforcement company for S$16 million