Innopac plans to resume trading, after having consulted lawyers over Saxo Bank claim

INNOPAC Holdings will apply to the Singapore Exchange to resume trading in its shares, after calling a suspension on June 7, the board said on Tuesday night.

It had originally suspended trading after getting a lawyer's letter of demand for nearly S$14.7 million from Saxo Bank, over the negative account balances of two subsidiaries. The board said at the time that it believed that Innopac was not able to reasonably assess and inform the market of its financial position.

But the board is now satisfied that the company can reasonably assess its position, it has since said, adding that it has consulted solicitors on the basis and merits of Saxo Bank's claim as well as obtained written audit confirmations from the lender on the negative account balances.

"The company will make the necessary announcements, in compliance with the requirements of the listing rules, as and when there are material developments in respect of the claim and the application," it said.