Triyards subsidiary ordered to hand over collateral worth 542b Vietnamese dong

A SUBSIDIARY of Triyards Holdings Limited has been ordered by a Vietnamese court to transfer collateral worth 542 billion Vietnamese dong (S$32.4 million) to Vietnam Asset Management Company.

Saigon Offshore Fabrication and Engineering Limited (SOFEL) had pledged the collateral to An Binh Commercial Joint Stock Bank, Triyards said in a Singapore Exchange filing on Wednesday. The collateral includes buildings, machineries and equipment and materials belonging to a shipbuilding project located at SOFEL.

Triyards said it would make further announcements as and when there are any material developments.

The counter has been suspended since last September, after its parent group, Ezra Holdings, filed for bankruptcy protection in the US.