Global Bio-chem Technology Group Co. Ltd. (HK:0809) has released an update.
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Global Bio-chem Technology Group Company Limited has announced the termination of a major energy management contract due to a required downsize to meet local coal consumption standards in the PRC. This decision, reached after negotiations with the Local Government and a reassessment of the project, includes waiving all parties’ obligations and claims related to the contract. The company is working on a revised proposal to align with the new requirements and will update shareholders on the progress and funding arrangements.
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