WALG Walcom Group Limited

 
TIDMWALG 
 
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"). 
 
                                                                   6 March 2020 
 
                             WALCOM GROUP LIMITED 
                          ("Walcom" or "the Company") 
 
                                Company Update 
 
The Board of Walcom provides an update on the Company's working capital 
position. 
 
Mr Francis Chi, Chief Executive Officer of the Company, has re-iterated his 
intention to provide a loan of HK$1,230,000 to Walcom Bio-Chemicals Industrial 
Limited, Walcom's wholly owned subsidiary and expects to be able to do so by 15 
March 2020. 
 
The Company continues to receive customer orders which is benefitting its 
working capital position.  In addition, the previously announced actions the 
Company has taken in relation to the deferral in part of rent, salary and other 
expenses have been beneficial. The Company is taking further actions in this 
regard, wherein its key subsidiary in Shanghai is making applications to the 
local authority for deferral of social security payments, as well as exploring 
other financial incentives and measures announced by the Shanghai government to 
mitigate the impact of COVID-19 on businesses. 
 
As a result, the Board now believes that, in the absence of the loan being 
received in part or in full by 16 March 2020, the Company may be unable to 
continue its operations and would be forced into liquidation with a 
consequential diminution in value to shareholders. 
 
Further announcements will be made in due course. 
 
Further enquiries: 
 
Walcom Group Limited                                         +852 2494 0133 
Francis Chi (Chief Executive Officer/Chief Financial 
Officer) 
 
 
Allenby Capital Limited (Nominated Adviser and broker)     +44 20 3328 5656 
David Hart / Asha Chotai 
 
 
 
END 
 

(END) Dow Jones Newswires

March 06, 2020 03:53 ET (08:53 GMT)

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