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International Business Settlement Holdings Limited ( (HK:0147) ) has shared an announcement.
International Business Settlement Holdings Limited has entered into a deed of settlement with the liquidators of its subsidiary International Business Settlement Limited to resolve a long-running potential claim linked to the subsidiary’s compulsory liquidation. The claim, which originally exceeded HK$30 million including interest and legal costs, stemmed from a petition citing a principal outstanding amount of about US$2.98 million.
Under the settlement terms, the liquidators will seek High Court approval within two years, after which the company will pay HK$14 million, a figure substantially below the original claim amount. The company said the move is aimed at saving time and costs, fully settling all related claims once completed, and noted that the payment will not have a material impact on the group’s financial position, although it urged shareholders and potential investors to remain cautious when trading its securities.
More about International Business Settlement Holdings Limited
International Business Settlement Holdings Limited, incorporated in Bermuda and listed in Hong Kong, operates through subsidiaries in financial and commercial services. The group focuses on business settlement-related activities and maintains a diversified structure overseen by a board comprising executive, non-executive and independent non-executive directors, reflecting a governance framework typical of mid-sized Hong Kong-listed companies.
Average Trading Volume: 14,134,385
Technical Sentiment Signal: Strong Sell
Current Market Cap: HK$1.43B
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