PLASTOFORM Holdings on Tuesday said that its wholly-owned subsidiary, Plastoform Electronics (Shenzhen), has recently been served with court summons filed by vendors with the District Court of the Republic of China, for a total sum of about 2.7 million yuan (S$547,000), which includes outstanding amounts due and owing for the products supplied to the group.

"The company is in the midst of arranging for negotiation and settlement of the outstanding amount with the respective vendors," it said.

Plastoform is also on the Singapore Exchange's watch-list for failure to meet both the necessary financial and minimum-trading price criteria.