Comtec Solar (00712) announced that on July 24, 2024, it applied to the High Court of Hong Kong to hold a hearing in front of the hearing bench...
Comtec Solar (00712) announced that it applied to the High Court of Hong Kong for a hearing in front of the hearing bench on July 24, 2024. The requested hearing was postponed until 10:30 a.m. on August 21, 2024.
Since Putana is an investment fund whose investment period has ended, Putana has failed to extend and/or renew any outstanding debts owed to the Group, including unsecured loans (i.e. the amount disclosed in the company's announcement dated July 11, 2024 based on the application for claim) and convertible bonds due in 2021 (as disclosed in the annual report for the year ended December 31, 2023). As disclosed in the announcement, the company has been actively negotiating a comprehensive solution with Putana regarding the above-mentioned debts. In this regard, the company has introduced strategic investors to acquire the above-mentioned debts. The debt acquisition was originally expected to be completed by 2023, but the ongoing negotiations and discussions were suspended around early September 2023, and resumed in the first quarter of 2024. So far, the strategic investors have paid most of the amount for the debt acquisition. The directors are confident that the strategic investors will complete positive negotiations with Putana and fully acquire the company's debts owed to Putana in the third quarter of 2024. Therefore, the company is confident that the application will be resolved.