Corporate News

30 Sep, 2016
Financial Update Reference is made to the interim results announcement of the Company dated 15 August 2016 (the Announcement). Capitalised terms used herein shall have the same meanings as those defined in the Announcement unless the context requires otherwise. The board
Reference is made to the interim results announcement of the Company dated 15 August 2016 (the ‘‘Announcement’’). Capitalised terms used herein shall have the same meanings as those defined in the Announcement unless the context requires otherwise.

The board (the ‘‘Board’’) of directors (the ‘‘Directors’’) of the Company wishes to provide the shareholders of the Company and potential investors an update on the latest financial status of the Group as at the date of this announcement:

— As disclosed in the Announcement, the Group had outstanding bank borrowings of approximately HK$336.1 million as at 30 June 2016. Since 1 July 2016 and up to the date of this announcement, the Group had repaid bank borrowings of approximately HK$146.1 million in aggregate, while the total outstanding bank borrowings as at the date of this announcement was approximately HK$190.0 million, which was fully secured by the bank deposit of the Group. Excluding the bank borrowings which were fully secured by the bank deposit of the Group, the Group does not have any outstanding bank borrowings as at the date of this announcement.

— As disclosed in the Announcement, the Group had outstanding bonds of approximately HK$132.2 million as at 30 June 2016. Since 1 July 2016 and up to the date of this announcement, the Group had redeemed 100% of such bonds, together with the accrued interest thereon. The Group does not have any outstanding bonds as at the date of this announcement.

The Board will continue to seek appropriate ways of fund raising in order to improve the financial position of the Group, and will continue to make its best efforts to develop its current business of trading of American ginseng and at the same time explore new businesses and suitable investment opportunities.

The information contained in this announcement is only based on a preliminary assessment by the management of the Company with reference to the information currently available, including the latest unaudited consolidated management accounts of the Company, which have not been reviewed or audited by the Company’s auditors or the audit committee of the Company, and the actual results of the Company may be different from those disclosed herein.

Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of the Company.
 
x

Years: