Gelonghui August 9?PF GROUP (08221.HK) announced that financing was granted under the financing agreement. According to the terms of the financing Agreement, the borrower shall pay monthly interest on the financing and shall repay the principal amount of the financing together with all accrued interest and all other payments payable under the financing Agreement on or before the repayment date (i.e. the first anniversary of the date on which the financing was made, or such earlier date as may be determined by Credit A based on its semi-annual review of the financing).
The borrower has not been able to repay interest and other payables on a monthly basis since March 2023 and has not been able to do so until the date of the announcement.
The financing agent has sought legal advice and issued a call letter to the borrower and the guarantor to recover the financing. On 8 August 2023, the financing agent appointed a receiver in respect of the shares of the listed company under the share charge to protect the interests of these lenders and to recover the outstanding loans.
The recovery of outstanding loans is under way. The company will issue a separate announcement in accordance with the GEM listing rules in due course and inform shareholders and potential investors of any material developments in this matter.
In addition, the company's shares continue to be suspended.