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New Universe Environmental Group Limited ( (HK:0436) ) has issued an announcement.
New Universe Environmental Group Limited has provided an update on legal proceedings in mainland China involving its indirect non-wholly owned subsidiary, New Universe Environmental Technologies (Jiang Su) Limited, over alleged accrued and unpaid dividends. The case concerns claims brought by two plaintiffs in the PRC seeking payment of dividends said to be owed by the subsidiary.
The High Court has now revoked earlier civil judgments of the Zhenjiang City Intermediate People’s Court and ordered the subsidiary to pay each plaintiff HK$25,021,033.60 in unpaid dividends, while dismissing all other claims. The company is obtaining legal advice on possible next steps in response to these judgments, which it says have not affected and are not expected to affect the Group’s normal operations, though shareholders and potential investors are urged to exercise caution when dealing in its securities.
More about New Universe Environmental Group Limited
New Universe Environmental Group Limited is a Cayman Islands-incorporated company listed in Hong Kong that operates through subsidiaries in environmental-related businesses. Its group structure includes indirect, non-wholly owned subsidiaries such as New Universe Environmental Technologies (Jiang Su) Limited, which is incorporated in Hong Kong and involved in operations in mainland China.
Average Trading Volume: 148,123
Technical Sentiment Signal: Sell
Current Market Cap: HK$167M
See more insights into 0436 stock on TipRanks’ Stock Analysis page.