Tee International receives notice from DBS to take possession of 33 Changi North Crescent
Add BT as a preferred sourceMAINBOARD-LISTED Tee International said that it has received a letter on Sept 9 from lawyers acting for DBS Bank in which the bank gave notice that it will be exercising its rights to take possession of the mortgaged property at 33 Changi North Crescent, one month from the date of service of the letter.
This was in connection with certain banking facilities provided by DBS.
Tee International said that it is currently reviewing the letter with its appointed financial consultant, RSM Corporate Advisory, as well as its legal advisers, and will take appropriate action accordingly.
In August, Tee International had filed an application for a moratorium. In addition, there are three claims against the company to date, amounting to about S$13.7 million.
Trading in Tee International's shares has been suspended.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart
Thai and Vietnamese farmers may stop planting rice because of the Iran war. Here’s why
UOB aims to double wealth income to at least S$2.5 billion by 2030; Q1 profit slips 4%
Sony, Singapore’s GIC to pay almost US$4 billion for Bieber, Neil Young catalogue
