Brief: Daisho Microline Says Some Banking Facilities For Petroleum, Energy Products Trading Suspended

Jsmart Technologies

04/09/2019 15:34

Sept 4 (Reuters) - Daisho Microline Holdings Ltd  0567.HK :
    * CONDITIONS PRECEDENT OF SALE &PURCHASE AGREEMENT FOR
ACQUISITION
OF PACIFIC ENERGY 8 AND PACIFIC ENERGY 168 NOT BEEN FULFILLED
    * INFORMED BY VENDOR THAT VENDOR IS EXPERIENCING SOME
FINANCIAL
DIFFICULTIES
    * IF SALE & PURCHASE DEAL TERMINATED, VENDOR MAY NOT BE ABLE
TO
FULFILL OBLIGATION TO RETURN THIRD DEPOSIT TO CO BY DEADLINE
    * CONSIDERS POSSIBLE TERMINATION OF DEAL TO NOT CAUSE ANY
MATERIAL
ADVERSE IMPACT ON BUSINESS, OPERATIONS OR FINANCIAL CONDITION OF
GROUP
    * INFORMED THAT SOME BANKING FACILITIES PROVIDED FOR
PETROLEUM,ENERGY PRODUCTS TRADING TEMPORARILY SUSPENDED
IMMEDIATELY
    * SUSPENSION OF BANK FACILITIES MAY LEAD TO A SUBSTANTIAL
DECREASE
IN REVENUE OF OIL TRADING BUSINESS OF GROUP IMMEDIATELY
    * SUSPENSION OF BANK FACILITIES MAY HAVE A MATERIAL IMPACT
ON
BUSINESS, OPERATION AND FINANCIAL CONDITION OF GROUP
    * CURRENTLY NEGOTIATING WITH BANK, EXPLORING FUNDING
ALTERNATIVES
TO MINIMIZE NEGATIVE IMPACT ON OIL TRADING BUSINESS OF GROUP

Source text for Eikon:  urn:newsml:reuters.com:*:nHKS7YXt4C
Further company coverage:  0567.HK 

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