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HKC International Holdings Limited ( (HK:0248) ) just unveiled an update.
HKC International Holdings Limited has disclosed that its indirect wholly owned subsidiary, Hong Kong Communications Company Limited, has surrendered a life insurance policy that was taken out in 2017 on the life of a company director, for which the subsidiary was both policyholder and beneficiary. The surrender generated cash proceeds of HK$6.585 million, resulting in an expected pre-tax loss of approximately HK$637,000 based on the policy’s last recorded fair value, but will allow the group to repay bank borrowings secured by the policy and modestly strengthen working capital. Management describes the move as a step to reduce gearing and interest expenses while improving liquidity, with the transaction qualifying as a discloseable transaction under Hong Kong listing rules but involving an independent third-party insurer and no connected person implications for shareholders.
The most recent analyst rating on (HK:0248) stock is a Hold with a HK$0.04 price target. To see the full list of analyst forecasts on HKC International Holdings Limited stock, see the HK:0248 Stock Forecast page.
More about HKC International Holdings Limited
HKC International Holdings Limited, incorporated in the Cayman Islands and listed in Hong Kong, is principally engaged in the sales of mobile phones, sales of Internet of Things (IoT) solutions, and property investment, serving the telecommunications and technology-related consumer and commercial markets.
Average Trading Volume: 1,512,199
Technical Sentiment Signal: Hold
Current Market Cap: HK$44.83M
For detailed information about 0248 stock, go to TipRanks’ Stock Analysis page.