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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is weighing its options, such as paying out the amount claimed by CBK and asking for the winding-up application to be withdrawn or set aside.

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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.