According to the Zhitong Finance App, Shuangyun Holdings (01706) announced that on July 20, 2023, Double-Trans Pte Ltd. (Double-Trans), an indirect wholly-owned subsidiary of the company, received a payment notice from a bank in Singapore (Bank G) dated July 20, 2023, about outstanding payments under credit financing provided to Double-Trans. Among them, Bank G required payment of a total of 999,800 outstanding payments within 3 working days from the date of the payment notice Singapore dollars; otherwise, Bank G will file legal action against Double-Trans without further notice.
As of the date of this announcement, the Company, Samco Civil Engineering Pte Ltd. (Samco), or Double-Trans has not been brought in a legal action on the date of this announcement with respect to what is known to the directors of the Company and according to publicly available information.
Furthermore, the Group is currently in discussions with its creditors to seek their consent and grace to defer action and grant the Group an extension while the Group develops a debt restructuring plan. With regard to the above, the Group has been working closely with its advisors to review the financial situation of Double-Trans and Samco and develop a viable restructuring plan.