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Anwell unit's assets seized and sold to creditor after default

Published on Jul 13, 2014 6:45 PM

SINGAPORE - A unit of mainboard-listed Anwell Technologies has had its assets seized and sold via public auction after it defaulted on its loans.

The assets of Henan Kerry Digital Co were sold to a trade creditor on June 27 for about 66.25 million yuan (S$13.3 million), Anwell said in a filing to the Singapore Exchange yesterday.

Anwell and Henan Kerry intend to lease back the assets and are currently negotiating a lease agreement with the creditor, the company added.

Henan Kerry had owed about 94 million yuan in outstanding trade payables to the creditor, which was not named.

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