Sino Grandness: Served another letter of demand from lender

Singapore two-dollar billsSingapore two-dollar bills

Sino Grandness said on Wednesday it had been served with another letter of demand from lender Soleado Holdings, which demanded payment of US$21.33 million and S$30,000.

That was for the outstanding convertible loan principal amount, default interests payable and reimbursement of costs and legal expenses, together with default interest accruing at 15 percent per annum, fees, costs and expenses from Thursday through the date of full repayment, it said in a filing to SGX after the market close on Thursday.

The demand was for full payment within 14 days of Wednesday, Sino Grandness said.

The company said it paid S$34,958 for legal fees and reimbursement of costs and legal expenses to the lender, and that it has been negotiating with the lender to settle the matter amicably.

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