SINGAPORE -TT International has received a letter of demand from the solicitors of Big Box, a 51 per cent-owned subsidiary, claiming the repayment of S$50.75 million in alleged rental arrears.
Theletter dated July 21 states that payment is to be made within 10 days, failing which Big Box shall commence legal action against the company without further reference.
The letter of demand also constitutes a statutory demand for payment made by Big Box, which requires TT International to make payment to Big Box within 21 days, failing which the company is deemed to be unable to pay its debts.
Big Box shall then be entitled to make an application for a winding up order to be made against TT International.
The mainboard-listed company disputes the alleged claim and is seeking legal advice to challenge the demand made and is assessing the impact of the letter of demand against the Group.
TT International shares closed 0.1 cent or 4.5 per cent higher at 2.3 cents.
The announcement came after market closed.