Advance SCT signs debt agreements with two creditors

SINGAPORE (July 9): Advance SCT, the supplier of copper-based products, has entered into agreements with two major creditors to resolve its outstanding debt issues.

In an exchange filing on Sunday, the group said it was informed that Qingyuan Shengli Copper Materials (QSCM) had on July 7 entered into an agreement to assign the entire debt of 41.4 million yuan (S$8.40 million) owed by Advance SCT to a certain Zhang Baoan.

Zhang, a Chinese national with substantial assets in Singapore and an independent third party, has confirmed the agreement and separately pledged to support Advance SCT's proposed debt capitalisation exercise, said the firm.

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