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Winding-up petition presented against Swing Media Technology Group

A WINDING-UP petition has been presented against Swing Media Technology Group Limited to the High Court of the Hong Kong Special Administrative Region after the company failed to make payment within three weeks following the issuance of a statutory demand.

In a Singapore Exchange filing on Friday, the mainboard-listed company, which manufactures and supplies products in the data storage industry, said that the petition will be heard on Nov 15 this year.

"As at the date of this announcement, all of the group's bank accounts held with the group's banks have been suspended. The company will make further announcements to keep shareholders updated on any material development as and when appropriate," Swing Media said.

On July 13, 2017, Swing Media's wholly owned subsidiary Swing Technology Limited (ST) and Swing Media itself received a statutory demand requesting payment of US$2 million and HK$39 million (S$6.8 million).

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The statutory demand stated that if payment is not made within three weeks, a winding-up petition will be presented.

On July 27, petitions were also presented to the High Court of the Hong Kong Special Administrative Region for the winding-up of ST and Swing Media Industrial Limited, another wholly owned subsidiary of the company. The petitions will be heard on Oct 4.

On July 6, Swing Media requested for a trading halt. Five days later, it submitted a request to convert the trading halt to a voluntary trading suspension.