Walcom Group Ltd Proposed Disposal of Walcom Bio-Chem (Thailand) Company
March 13 2019 - 2:00AM
UK Regulatory
TIDMWALG
This announcement contains inside information as stipulated under the Market
Abuse Regulations (EU) no. 596/2014 ("MAR")
13 March 2019
WALCOM GROUP LIMITED
("Walcom" or "the Company")
Proposed Disposal of Walcom Bio-Chem (Thailand) Company Limited
Walcom announces it is in negotiations regarding the proposed disposal of its
entire interest in its subsidiary Walcom Bio-Chem (Thailand) Company Limited
("Walcom Thailand"), to the General Manager of, and 40 per cent. shareholder
in, Walcom Thailand (the "Proposed Disposal"). Walcom currently owns 55,000
shares in Walcom Thailand, representing 55 per cent. of Walcom Thailand's
issued share capital.
As announced previously, Walcom's working capital position remains severely
constrained. The board of the Company now believes that without further
action, the Company may not be able to meet its liabilities as they fall due by
the middle of April 2019. The directors of Walcom therefore believe that the
Proposed Disposal is a necessary action to ease the Company's immediate
short-term working capital position. If the Proposed Disposal is completed, it
is expected that the net proceeds of the disposal will be received prior to the
middle of April 2019.
The Company continues to consider all other possible options to improve the
Company's working position.
The Proposed Disposal will be subject, inter alia, to the entering into and
completion of a share purchase agreement. As such, there is no certainty that
the Proposed Disposal will proceed nor any certainty regarding the terms on
which it would proceed.
A further announcement will be made in due course.
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
David Hart / Asha Chotai
END
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March 13, 2019 03:00 ET (07:00 GMT)
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