Tai Sin Electric (SGX:500) issued a letter of demand to Ouk Sambok to fully pay the consideration for the sale of 21,250 shares in the capital of wholly-owned subsidiary CAST Cambodia through CAST Laboratories.
According to a filing with the Singapore Exchange on Thursday, the purchaser failed to make full payment of the $1.5 million consideration.
In an earlier filing, the company and the individual had entered into a sale and purchase agreement to acquire 100% of the ordinary shares in CAST Cambodia.
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