Regal International Receives Statutory Demand from United Overseas Bank
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Regal International received a statutory demand from United Overseas Bank over a sum of SG$1.3 million as outstanding principal, according to a Monday filing with the Singapore Exchange. The amount falls under a banking facility extended to the company. In the event of the company's failure to make the payment within three weeks of the demand, the bank will apply to the court for the company to be wound up. The group is now seeking legal advice over the matter.
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