Ryobi Kiso suspends trading after unit defaults on loan repayments
The company has picked Pricewaterhouse Coopers as its financial adviser
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Singapore
GROUND engineering solutions firm Ryobi Kiso Holdings' subsidiary Ryobi Kiso (S) has defaulted on repayment obligations to "certain bank lenders" and is in breach of the corresponding banking facilities, the firm announced on Wednesday in a pre-market open exchange filing.
This comes amid challenging times for the construction sector, where companies are facing intense competition, shrinking margins and a tight labour market, market watchers say.
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