Walcom Group Ltd - Trading Update
PR Newswire
London, January 31
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
31 January 2020
WALCOM GROUP LIMITED
("Walcom" or "the Company")
Trading Update
Further to the announcement on 13 January 2020, the Board of Walcom provides an update on current trading and its working capital position.
The Company is pleased to report that it has received a number of orders during January 2020 which has enabled it to repay the two bank loans totalling RMB 450,000 (c.HK$508,000) that were due for repayment before the end of this month. Following repayment of these loans, the Company currently has adequate working capital to meet its liabilities as they fall due until mid-February 2020.
In its announcement dated 13 January 2020, the Company indicated that Mr Chi intends to provide a loan of HK$1,230,000 to Walcom Bio-Chemicals Industrial Limited, Walcom's wholly owned subsidiary, by the end of January 2020 (the "Loan Agreement"). The Loan Agreement has not yet been entered into, but the Company remains in discussions with Mr Chi regarding the provision of the proposed funding. Whilst the Board remains confident that the discussions with Mr Chi will have a successful outcome, there can be no guarantee that the Company's working capital position will be stabilised.
Further announcements will be made in due course.
Further enquiries:
| Walcom Group Limited Francis Chi (Chief Executive Officer/Chief Financial Officer) Jessie Chan (Deputy Chief Financial Officer) | +852 2494 0133 |
| Allenby Capital Limited (Nominated Adviser and broker) David Hart / Asha Chotai | +44 20 3328 5656 |
