Summary by Moomoo AI
Alco Holdings Limited announced on 13 March 2024 that it had reached a settlement with Shanghai Commercial Bank Limited on the previously submitted liquidation petition and obtained the petitioner's consent to withdraw the petition. The outcome of the settlement was approved by the hearing officer at that day's hearing. In order to deal with the related legal costs, the hearing will be adjourned until 20 March 2024, at which time the petition for liquidation is expected to be formally withdrawn. Aikao Group will update shareholders and members of the public on the latest developments in this matter in due course.