Figtree Developments, a wholly-owned subsidiary of the Singapore-listed company, together with other shareholders of Vibrant Pucheng, had extended corporate guarantees in favour of Shanghai Pudong Development Bank to secure such loan facilities at their inception.
A 20%-owned associated company of Catalist-listed commercial and industrial real estate solutions company Figtree Holdings (SGX:5F4
) has received a hearing notice from the mainland Chinese courts for missing loan repayments.
According to a July 22 bourse filing, Vibrant Pucheng Logistics (Chongqing) had failed to make repayment to Shanghai Pudong Development Bank in accordance with loan agreements. The bank is now claiming against Vibrant Pucheng for an aggregate amount of RMB30.5 million ($5.63 million).
