Walcom Group Ltd Loan Agreements
29 November 2017 - 3:06AM
UK Regulatory
TIDMWALG
28 November 2017
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")
WALCOM GROUP LIMITED
("Walcom" or "the Company")
Loan Agreements
Further to the trading statement released on 13 November 2017, Walcom announces
that the Company's subsidiary, Walcom Bio-Chem (Thailand) Co. Ltd ("Walcom
Thailand"), has entered into two agreements for the provision of two unsecured
one-year loans of THB1 million each, amounting to THB2 million in aggregate
(together, the "Loans").
The Loans are required as the Company has amended its inter-group trading terms
with Walcom Thailand such that invoices for the provision of goods from the
Company are now payable on presentation.
The proceeds from the Loans are to be used by Walcom Thailand for general
working capital purposes.
The Loans are being provided by Ms Suladda Buddhinuntaopas and Ms Suwanna
Budhinuntaopas, who are the sisters of Mr Paitoon Buddhinunta-opas, the general
manager of Walcom Thailand and the Company's group sales director. In addition,
both Ms Suladda Buddhinuntaopas and Ms Suwanna Budhinuntaopas are shareholders
in Walcom Thailand, owning 12 per cent. and 18 per cent., respectively.
The Loans bear interest at a rate of 12 per cent. per annum, which will be
payable monthly in arrears. The Loans are repayable on the first anniversary of
entry into the loan agreements. The Loans, and all applicable interest, are
immediately repayable on certain customary events of default occurring.
Ms Suladda Buddhinuntaopas and Ms Suwanna Budhinuntaopas have indicated that
they would be supportive should Walcom Thailand require further funds.
As also set out in the Company's trading statement on 13 November 2017, the
Company has entered into a new short-term Renminbi bank loan equivalent to
HK$2.3 million which replaced its previous loan of the same currency and
amount, which has been used to finance the group's general working capital.
The Company continues to closely monitor its working capital requirements.
Further enquiries:
Walcom Group Limited +852 2494 0133
Francis Chi (Chief Executive Officer)
Albert Wong (Chief Financial Officer)
Allenby Capital Limited +44 20 3328 5656
Virginia Bull
END
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