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Geotech Holdings Ltd. ( (HK:1707) ) has issued an update.
Geotech Holdings Ltd. announced that its controlling shareholder, Mr. Chen Zhi, and the company itself have been subjected to sanctions by both the U.S. and U.K. authorities. These sanctions include being added to the Specially Designated Nationals and Blocked Persons List by the U.S. Department of the Treasury and an asset freeze by the U.K.’s Foreign, Commonwealth and Development Office. Despite these sanctions, the company expects no material adverse impact on its operations, as its main assets and operations are in Hong Kong, and Mr. Chen is no longer involved with the company. Geotech Holdings is actively seeking legal advice to understand the sanctions’ implications and will continue to monitor the situation.
More about Geotech Holdings Ltd.
Geotech Holdings Ltd. is a company incorporated in the Cayman Islands, primarily operating in Hong Kong. The company, along with its subsidiaries, focuses on providing various services, although specific industry details are not provided in the announcement.
Average Trading Volume: 699,750
Technical Sentiment Signal: Sell
Current Market Cap: HK$157.9M
See more insights into 1707 stock on TipRanks’ Stock Analysis page.