22nd Apr 2020 15:11
(Alliance News) - Walcom Group Ltd on Wednesday said it has reached an agreement with its bank to defer a CNY250,000, around GBP28,600, loan repayment, as a loan promised by its Chief Executive Francis Chi is yet to materialise.
The investment company said its bank loan was due to be repaid Thursday, but it has agreed with the lender to defer the repayment until April 30. It added that a separate loan repayment of CNY200,00 is due on the same date.
Walcom said that it expects to be able to continue operations until April 30. It added that if it does not receive the the HKD1.2 million, around GBP119,346, loan from Chi before the end of April, it will unable to repay the amounts due and will therefore be forced to liquidate.
The company said Chi has reiterated his intention to provide the HKD1.2 million loan.
Shares in the Shanghai-based company were untraded at 0.15 pence each on Wednesday afternoon in London.
By Ife Taiwo; [email protected]
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