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Jason Holdings warns repayment demands could adversely impact financials and operations
CATALIST-listed timber flooring provider Jason Holdings warned that claims against its parquet unit from two contractors for total repayment of S$150,000 of unpaid invoices are expected to have an adverse impact on its financial position and operations.
In an announcement to the Singapore Exchange over the weekend, the troubled firm said this in reference to two letters of demand received by its wholly-owned Jason Parquet Specialist (Singapore) (JPSS) on May 18.
JPSS contractors Salsagoff Engineering Pte Ltd and FRR Construction Pte Ltd , through their solicitors, had issued letters of demand for repayment of S$110,000 and S$40,000 respectively that are due from the firm.
The solicitors have been instructed to proceed against the parquet unit ,which is the principal operating unit of Jason Holdings, if payment is not made within seven days of the letter of demand, said the firm.
The firm's woes are piling up; just one day before, on May 20, Jason Holdings provided an update on the winding up application by its substantial shareholder Radwell Pte Ltd against JPSS, saying that the Singapore High Court has adjourned the hearing for the application to June 10.
This too will have a material adverse impact on the firm's financial position and operations, said Jason Holdings.