GLOBAL M HLDG (08063) issued an announcement that the company received a legal advisor from the lender (lender) dated 20...
According to the Zhitong Finance APP, GLOBAL M HLDG (08063) announced that the company received a letter dated January 20, 2025, from the legal advisor of the lender (the lender) (demand letter), which mentioned the loan agreement entered into by the company and the lender on May 16, 2019 (supplemented by multiple supplementary agreements) (loan agreement). At the time of signing the loan agreement, Mr. Zhang Guowei (then the Executive Director, Mr. Zhang) signed a guarantee deed as a guarantor to ensure full, proper, and timely repayment according to the loan agreement. The demand letter stated that Mr. Zhang resigned as the chairman and executive director of the company on November 13, 2024, triggering an event of default under the loan agreement, thus requiring immediate repayment of HKD 0.1005 billion, including the loan principal of HKD 0.1 billion, unpaid interest, and other costs.
The company is currently assessing the legal and financial implications of the demand letter and will communicate with the lender to explore amicable solutions.
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