21st Feb 2020 11:32
(Alliance News) - Walcom Group Ltd said Friday that it has enough working capital to continue operations until early March, as the animal feed additives firm continues to await a loan from Chief Executive Officer Francis Chi.
In mid-January, Shanghai-based Walcom said it had secured an agreement with Chi for him to provide a HKD1.2 million loan, around GBP119,346, to subsidiary Walcom Bio-Chemicals Industrial Ltd.
However, Walcom said that it has not yet received the loan, despite the CEO's continued intention to provide the loan.
In the meantime, the group said it has continued to receive new customer orders, as well as negotiating an extension to the time for the payment of rent, salaries and other expenses, so that they can be paid over the coming weeks.
As a result, Walcom said it has until March 6 to receive the loan from Chi, otherwise it will be unable to continue its operations and be forced into liquidation.
Shares in Walcom were untraded on Friday, last quoted at 0.30 pence in London.
By Dayo Laniyan; [email protected]
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