11th May 2020 14:41
(Alliance News) - Walcom Group Ltd on Monday said it is yet to receive the HKD1.2 million - around GBP119,346 - loan from Chief Executive Francis Chi, adding that the absence of the loan could result in its liquidation by Friday.
The investment company said that while it has worked to defer the repayments of some of its bank loans, one payment of CNY200,000 is due by the end of May. It added that should the loan by Chi not materialise either partly or in full by Friday, it will be forced to cease operations.
The company said Chi has reiterated his intention to provide the loan.
Shares in the Shanghai-based company were untraded on Monday afternoon in London, last quoted at 0.20 pence each.
By Ife Taiwo; [email protected]
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