Winding-up Notice on BTB Management Services Pte Ltd
We refer to the announcement dated 20 October 2009 on the receipt of Winding-up Notice on BTB Management Services Pte Ltd (“BTBMS”). All references used herein shall have the same meaning set out in the previous announcement unless otherwise indicated.
The High Court of Singapore had today ordered the winding-up of BTBMS and the Official Receiver has been appointed the liquidator of BTBMS. The Court had further ordered that SKD’s costs of and incidental to the application for the winding-up of BTBMS (to be agreed or taxed) shall be paid out of the assets of BTBMS.
BTBMS had decided in 2008 to vacate the Premises due to a slowdown in the development in Bintan and to reduce costs in view of the financial crisis. The Company has made numerous attempts to negotiate with SKD on settlement of the tenancy obligations and had continued to do so after SKD’s filing of the winding-up summons on BTBMS but to no avail.
The principal activity of BTBMS is the provision of business management and consultancy services. BTBMS has no significant operations and its winding-up does not have any financial and operational impact on the Landmarks Group.
