Asiatic Unit Seeks Counsel Over Loan Dispute in Cambodia JV; Shares Surge 33%

MT Newswires

Sep 08

Asiatic Group's (SGX:5CR) indirect subsidiary, Colben Energy Holdings (CEH), is seeking legal advice after Colben Energy Cambodia (PPSEZ) requested more time to respond to letters of demand, the company said in a Friday filing with the Singapore Exchange.

Shares of Asiatic jumped more than 33% in Monday trading.

The demand letters relate to CEH's request for repayment of an $8.1 million loan from PPSEZ, as well as the transfer of shares that had been pledged as collateral.

The development is part of Colben Energy's ongoing dispute with its joint-venture partner in Cambodia, Royal Group Phnom Penh SEZ.

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