Summary by Moomoo AI
Anhui Conch Cement Company Limited (Conch Cement) issued an announcement on October 16, 2024, detailing the progress of the guarantees provided to its subsidiary Hangzhou Fuyang Haizhong Environmental Protection Technology Co., Ltd. (Fuyang Haizhong Environmental Protection). Conch Cement confirmed that it has provided a guarantee of 5.5 million RMB to Fuyang Haizhong Environmental Protection, which is for a 10 million RMB loan from Industrial Bank Hangzhou Fuyang Branch. In addition, other shareholders of Fuyang Haizhong Environmental Protection have also provided corresponding guarantees according to their shareholding ratios. Conch Cement stated that the guarantee amount is within the approved guarantee limit by the board of directors and shareholders' meeting, and the guarantee risk is relatively controllable. As of the announcement date, the external guarantee amount of Conch Cement and its subsidiaries is approximately 1,843.0932 million RMB, accounting for 0.99% of the net assets attributable to the parent company audited in 2023.
