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SINGAPORE: Electronics manufacturer Jurong Technologies has been given three weeks to repay millions of dollars to OCBC Bank or face possible winding up proceedings.
Jurong Tech told the Singapore Exchange (SGX) that the sums involved were S$22 million and US$23 million. The company asked for its stock to be suspended pending this announcement.
The shares last changed hands at 9 cents each. Trading is expected to resume on Wednesday.
In its stock exchange filing, Jurong Tech said it has met its creditors and that talks will continue. The firm added that more announcements will be made when appropriate.
Jurong Tech employs more than 2,400 people. Last February, the counter – a component of the Straits Times Index – was trading as high as 42 cents a share.
- CNA/so
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