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Serrano unit receives writ of summons

A SUBSIDIARY of interior designer Serrano Limited has on Monday received a writ of summons filed with the Singapore High Court by lawyers acting for wood supplier Maxcon Enterprise.

Maxcon, which filed the writs of summons on Aug 2, is claiming a sum of some S$715,000 from Serrano Holdings, a wholly owned subsidiary of Serrano.

The sum relates to the price of goods sold and delivered by Maxcon to Serrano Holdings under various tax invoices in 2015 and 2016, Serrano said in a Singapore Exchange filing on Tuesday.

In the filing, Serrano added that it is seeking professional advice on the matter and will keep its shareholders updated on material developments.

The beleaguered firm had previously applied to the Singapore High Court for a 12-week stay of proceedings against further actions against the company.

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The company, which listed in 2014, has been facing numerous letters of demands from its creditors.

In April, it received a letter of demand from lawyers acting for United Overseas Bank (UOB), claiming the repayment of a principal sum of S$21 million, in respect of banking facilities granted to Serrano for residential, hospitality, retail and commercial sectors.

Serrano last traded at 1.2 Singapore cents.

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