Brief: Huabao International Says Announcement In Relation To Initiation Of Arbitration By Unit

Huabao International Holdings

09/08/2023 12:23

Aug 9 (Reuters) - Huabao International  0336.HK :
    * ANNOUNCEMENT IN RELATION TO INITIATION OF ARBITRATION BY
SUBISDIARY
    * AS AT AUG 9, INDIVIDUALS HAVE NOT YET FULFILLED
OBLIGATIONS BY
PAYING SECOND INSTALMENT OF CAPITAL INCREASE AMOUNT RMB7.1
MILLION
    * INDIVIDUALS NOT RECTIFIED AMOUNT UNDER SHARE TRANSFER DEAL
AFTER
THEY HAVE RECEIVED WRITTEN NOTICE FROM HUABAO FLAVOURS
    * ARBITRATION REQUESTING INDIVIDUALS TO COMPENSATE HUABAO
FLAVOURS
FOR LIQUIDATED DAMAGES, AMONG OTHERS TOTALING RMB332.03 MILLION
    * HUABAO FLAVOURS ALSO APPLIED TO SHANGHAI INTERNATIONAL
ARBITRATION CENTER FOR PROPERTY SECURITY
    * ARBITRATION IS STILL IN ITS INITIAL STAGE, GROUP IS UNABLE
TO
ACCURATELY PREDICT FINAL OUTCOME OF ARBITRATION


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