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Geotech Holdings Ltd. ( (HK:1707) ) just unveiled an update.
Geotech Holdings Ltd. has disclosed that the Attorney General of the British Virgin Islands has filed a liquidation application against its BVI-incorporated holding subsidiary Praise Marble, leading to the appointment of joint provisional liquidators by the BVI Court on an ex parte basis. Praise Marble, which holds 100% equity interests in key Hong Kong operating subsidiaries that account for most of the group’s revenue and assets, has no direct operations itself, and no liquidators or officers have been appointed over those operating units. While the directors acknowledge the unprecedented nature of the application against an offshore subsidiary linked to a controlling shareholder who has been subject to international sanctions, they currently assess that the proceedings have not materially affected the company’s core businesses or day-to-day operations, though this assessment may change as the BVI proceedings progress and shareholders are urged to exercise caution.
The most recent analyst rating on (HK:1707) stock is a Sell with a HK$0.04 price target. To see the full list of analyst forecasts on Geotech Holdings Ltd. stock, see the HK:1707 Stock Forecast page.
More about Geotech Holdings Ltd.
Geotech Holdings Ltd. is a Hong Kong-based group engaged in specialist engineering and construction-related services through its operating subsidiaries, including Geotech Engineering Limited and GeoResources Limited. The group operates primarily via Hong Kong subsidiaries that generate the majority of its revenue and hold a substantial portion of its assets, while certain offshore entities, such as Praise Marble in the British Virgin Islands, function mainly as holding companies without direct operating activities.
Average Trading Volume: 3,051,265
Technical Sentiment Signal: Sell
Current Market Cap: HK$68.88M
For an in-depth examination of 1707 stock, go to TipRanks’ Overview page.