Brief: Panasialum Says Further Capital Investment Needed For Heshan Production Base

PanAsialum Holdings

16/01/2023 12:21

Jan 16 (Reuters) - Panasialum   2078.HK :
    * AS AT JAN 16, FURTHER CAPITAL INVESTMENT IN AMOUNT OF
RMB241
MILLION WILL BE REQUIRED FOR DEVELOPMENT OF HESHAN PRODUCTION
BASE
    * AS AT JAN 16, INITIAL WORKING CAPITAL OFF RMB150 MILLION
WILL BE
REQUIRED TO FINANCE COMMENCEMENT OF INTENDED MANUFACTURING
OPERATIONS
    * INTENDED MANUFACTURING OPERATIONS HAVE NOT COMMENCED DUE
TO
DELAY IN CONSTRUCTION OF HESHAN PRODUCTION BASE AS A RESULT OF
LEGAL DISPUTES
    * UPON COMPLETION, GROUP WILL CONDUCT ITS MANUFACTURING
OPERATIONS
SOLELY THROUGH ITS PRODUCTION BASE LOCATED AT LONG SHENG
INDUSTRIAL AREA
    * DISPOSAL DATED JAN 9 HAS NO MATERIAL IMPACT ON
MANUFACTURING AND
TRADING BUSINESS OF GROUP

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 ((Reuters.Briefs@thomsonreuters.com;))