China Vanadium Titano-Magnetite Mining Co., Ltd. (HK:0893) has released an update.
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China Vanadium Titano-Magnetite Mining Co., Ltd. has announced that it is facing litigation from the Industrial and Commercial Bank of China over loan repayments guaranteed by the company for its former subsidiary, Huili Caitong, totaling approximately RMB69.7 million, in addition to another potential lawsuit for a RMB19.0 million debt by another subsidiary, Huili Xiushuihe. The company has made legal demands to the relevant parties for debt repayment and is exploring settlement and restructuring options. Shareholders and potential investors are cautioned of the financial implications due to the company’s guarantee obligations.
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