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New Silkroutes Group Limited ( (SG:BMT) ) has issued an update.
Coolan Group Limited, formerly known as New Silkroutes Group Limited, is facing significant operational and financial challenges. The company is dealing with unauthorized transactions affecting its Chinese subsidiary, Hequ Yuanyang Industrial Co., Ltd, leading to difficulties in accessing financial data and transferring funds to Singapore. Legal actions are underway against former executives, and the Chinese authorities are investigating the matter. Additionally, the company’s scheme of arrangement is on hold, and it is experiencing a cash crunch, impacting its ability to meet financial obligations. Limited funding is being provided to manage the situation while legal proceedings continue.
More about New Silkroutes Group Limited
Current Market Cap: S$15.63M
For an in-depth examination of BMT stock, go to TipRanks’ Stock Analysis page.