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Grand Ming Group Faces Financial Covenant Breach

Story Highlights
  • Grand Ming Group breached financial covenants related to its banking facilities.
  • The company secured waivers for some loans and seeks more, with no immediate repayment demands.
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Grand Ming Group Faces Financial Covenant Breach

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Grand Ming Group Holdings Ltd. ( (HK:1271) ) has issued an update.

Grand Ming Group Holdings Ltd. has announced a breach of financial covenants related to its banking facilities, which include ratios of consolidated EBITDA to interest expenses, net gearing, and current ratio. The breach allows lenders to demand immediate repayment of approximately HK$4,795 million in outstanding loans. The company has secured waivers for HK$2,747 million of these loans and is seeking further waivers. No immediate repayment demands have been made by lenders.

More about Grand Ming Group Holdings Ltd.

Grand Ming Group Holdings Ltd. is a company incorporated in the Cayman Islands, primarily involved in the real estate and construction industry. The company is listed on the Hong Kong Stock Exchange and operates through its subsidiaries.

Average Trading Volume: 26,667

Technical Sentiment Signal: Sell

Current Market Cap: HK$2.81B

Find detailed analytics on 1271 stock on TipRanks’ Stock Analysis page.

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