HK-listed Kingboard slips as Country Garden fails to repay loan

Kingboard Holdings

11/10/2023 03:49

** Shares of printed circuit board maker Kingboard Holdings
 0148.HK  slip 1.5% to HK$17.32, lowest since Oct. 5, in the
second session of decline
    ** Kingboard says its unit Ever Credit Ltd has issued a
statutory demand to Country Garden  2007.HK  for repayment of
certain sums due and payable as the property developer has
failed to repay in accordance with the facility agreement
    ** Says the outstanding principal amount of the term loan
facility amounted to HK$1.598 bln ($204.36 mln) and action for
recovery of outstanding sums under the facility agreement is in
progress
    ** Co says it may record an impairment loss for fiscal 2023
but it does not consider that the issue would give rise to any
material adverse impact on its business, daily operation and
financial condition
    ** Country Garden warned on Tuesday about its inability to
meet offshore debt obligations and said that its sales and
financing were facing "significant challenges" while its
available funds have continued to decrease
    ** Shares of Country Garden fall 1.3%
    ** Hang Seng Mainland Properties Index  .HSMPI  climbs 0.8%
and Hang Seng Index  .HSI  rises 1.5%
    ** Kingboard stock down 29.8% YTD 



($1 = 7.8194 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))