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Shareholders summon 8Telecom to court over hearing request
8TELECOM International said on Thursday that it has been served with an originating summons from the Singapore High Court, taken by certain individuals to request the company to attend a hearing for the buyback of shares in Arete M, according to terms agreed upon in the contract between the two parties.
8Telecom acquired a 51 per cent stake in Arete M in 2016.
The suit was brought by Lim Tong Soon, Chung Fui Leng Shirley, Loy Soo Kwee, Christopher Chong Seng Fatt, Tang Peng San and Teo Siew Lin.
According to 8Telecom's last annual report, Lim, Chung and Teo were among 8Telecom's top 20 shareholders as at August 2017.
Separately, 8Telecom said that on Wednesday, it received the order for a stay from the Singapore High Court to discontinue the litigation against it by Top Capital Securities. In March, Top Capital had sought to put 8Telecom into judicial management for not paying back a share subscription consideration of about S$1.7 million.