TT International requests trading halt pending announcement

TT International is looking for extension of the due date of debt repayment by up to three months.


TT International on Monday said requested for a trading halt pending the release of an announcement.

The Singapore-listed consumer electronics retailer company last week said that it had received a letter of demand from solicitors of unit Big Box Pte Ltd (BBPL) claiming repayment of S$50.75 million in alleged rental arrears.

The company said it disputes the alleged claim and is seeking legal advice to challenge the demand made by BBPL.

TT International is looking for extension of the due date of repayment of debt by up to three months.

It is also seeking the go-ahead for various sales, including a significant stake in TTA Holdings to Jingyi Group Co Ltd for A$1 million.

The company, which owns and operates warehouse facilities, is being restructured under a scheme of arrangement since April 2010.

It also trades, distributes, wholesales, and retails electrical and electronics products, general consumer goods, and sports goods.

TT International has a debt to total capital ratio of 94.23 percent.

Shares in the company closed ended up 8 percent at S$0.014 on Friday on the Singapore Exchange.