Chinese -funded real estate developers with the background of the central enterprise have strongly opposed the objection to the Court of High Court of Hong Kong to the Hong Kong High Court.After this news came out, the stock price of the Oceania Group fell 10%after the opening of the Hong Kong stock price on Friday, and the decline was narrowed to 8%at noon.
Comprehensive reports from Bloomberg and Caixian, the Ocean Group issued an announcement on the Hong Kong Stock Exchange on Friday (June 28).The liquidation of the Hong Kong High Court was invited. The content is related to the issuance of the company's wholly -owned subsidiary Baocai IV issuance and the 3.25%of the company's guarantee in 2026 with a guarantee bill, involving the total principal of 400 million US dollars (about 543 millionSingapore) and interest.
This liquidation is invited to be held in the Hong Kong High Court on September 11.
The Oceania Group said that the Hong Kong High Court has not issued a liquidation order to liquidate the company.The company does not think that the invitation will have a substantial impact on its operation or formulation of overall debt management arrangements at this stage.
The Oceania Group said that the company will strongly oppose the invitation, work closely with financial consultants and legal advisers, and discuss with creditors to formulate overall debt management arrangements.Therefore, the company has no intention of applying for an approval order to the High Court on its shares transfer.The company will combine the progress of the overall debt management arrangement in the later stage to consider whether it is necessary to apply for an recognition order from the High Court.
