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Walcom Group Ltd - Company update and further re director loan

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").

18 March 2020

WALCOM GROUP LIMITED
(“Walcom” or “the Company”)

Company update and further re director loan

Further to the announcement on 12 March 2020, the Board of Walcom provides an update on the Company’s working capital position. Regrettably, Mr Francis Chi, Chief Executive of the Company, has been unable to provide the proposed loan of HK$1,230,000 (the “Director Loan”) to Walcom Bio-Chemicals Industrial Limited, Walcom’s wholly owned subsidiary, as intended.

Mr Chi has reiterated his intention to provide the Director Loan and expects to do so within the coming days.  In the absence of the Director Loan being received in part or in full by 27 March 2020, the Company may be unable to continue its operations and would be forced into liquidation with a consequential diminution in value to shareholders.

Further announcements will be made in due course. 

Further enquiries:

Walcom Group Limited
Francis Chi (Chief Executive Officer/Chief Financial Officer)
 
+852 2494 0133
Allenby Capital Limited (Nominated Adviser and broker)
David Hart / Asha Chotai
+44 20 3328 5656