Alpina Holdings (SGX:ZXY) received a letter of demand from warrantors regarding a deferred payment of around SG$1.8 million, according to a filing with the Singapore Exchange on Thursday.
The warrantors disagree with the company's view that it is not obliged to make the deferred payment, prompting them to seek arbitration proceedings.
This development comes after the company agreed to acquire the Wan Dormitory for SG$24.5 million and completed the purchase in March.
The company had withheld a deferred payment of SG$2 million from the consideration at completion. The payment was slated to be released within ten business days after fulfilling all deal conditions and completing the SLA tender assignment.
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