31st Jan 2020 17:10
(Alliance News) - Walcom Group Ltd on Friday said it has repaid two bank loans worth a combined CNY450,000 thanks to a number of January orders.
The loans, equivalent to GBP49,206, were due for repayment before January end. With these repaid, Walcom has "adequate working capital to meet its liabilities as they fall due until mid February 2020".
On January 13, Chinese investment company Walcom said Chief Executive Francis Chi was intending to provide a HKD1.2 million loan, around GBP146,388, to Walcom subsidiary Walcom Bio-Chemicals Industrial Ltd by the end of January 2020.
Although talks for the proposed funding are ongoing, no such loan agreement has yet been entered into.
"Whilst the board remains confident that the discussions with Mr Chi will have a successful outcome, there can be no guarantee that the company's working capital position will be stabilised," said Walcom.
Shares in Walcom closed untraded on Friday, last trading at 0.30 pence.
By Anna Farley; [email protected]
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