31st Dec 2019 10:58
(Alliance News) - Walcom Group Ltd said Tuesday it is in advanced discussions with Chief Executive Officer Francis Chi over the provision of a loan of HKD1.0 million, around GBP97,953.
The animal feed additives firm said it expects the loan to be available in the second week of January, and anticipates a further loan of HKD500,000 before the end of January.
Should these loans be received, Walcom said it expects to be able to meet its liabilities up until the end of the month.
The company warned however, that should the loans not be provided, Walcom may not be able to continue its operations and could be forced into liquidation, with a reduction in value to shareholders.
Walcom also announced that Deputy Chief Financial Officer Hwai Ming Chan will be stepping down from her role with effect on February 29.
Chan has been her role at the company since June. Walcom said it will seek a replacement for Chan.
Shares in Walcom - which is based in Shanghai - were untraded on Tuesday, last quoted at 0.35 pence in London.
By Dayo Laniyan; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
WALG.L