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Shanghai Turbo Enterprises Responds to Singapore Exchange's Query on Loans

MT Newswires ·  06/08/2022 17:00

04:59 AM EDT, 06/08/2022 (MT Newswires) -- Shanghai Turbo Enterprises (SGX:AWM) said it utilized a 30 million yuan ($4.5 million) loan, granted by Jiangnan Rural Commercial Bank, to offset the old secured loan worth 9.5 million yuan, while the remaining amount was used to pay off the suppliers.

In addition, an unsecured loan of 13.5 million yuan was used to offset the unsecured loan of 8 million yuan, while the balance of 5.5 million yuan was used to pay the suppliers, according to a Tuesday filing.

The precision engineering group was responding to a query from the Singapore Exchange, asking the company to explain how it deployed 43.5 million worth of loans.

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