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Shirble Department Store Holdings (China) Ltd. ( (HK:0312) ) has shared an announcement.
Shirble Department Store Holdings (China) Limited has agreed to further extend the payment schedule for overdue consultancy fees owed by project company SRF related to the IEC Project, after SRF notified the group it could not meet previously agreed repayment dates amid a persistently weak Chinese property market, tight bank financing and constrained cash flow. The board, noting that it is an unsecured creditor and that all of SRF’s equity is pledged to a financial institution, concluded that prolonging the settlement period offers the best chance of eventual recovery without disrupting the project’s construction or SRF’s repayment capacity, despite a full impairment already being booked on the receivable; shareholders will be asked at an extraordinary general meeting to approve the consultancy fees payment extension agreement, and are cautioned to exercise care when trading the company’s securities due to the associated uncertainties.
The most recent analyst rating on (HK:0312) stock is a Sell with a HK$0.05 price target. To see the full list of analyst forecasts on Shirble Department Store Holdings (China) Ltd. stock, see the HK:0312 Stock Forecast page.
More about Shirble Department Store Holdings (China) Ltd.
Shirble Department Store Holdings (China) Limited is a Hong Kong-listed retail group engaged in operating department stores and related businesses in mainland China, serving mass-market consumers through physical retail formats.
Average Trading Volume: 148,157
Technical Sentiment Signal: Strong Sell
Current Market Cap: HK$119.7M
Find detailed analytics on 0312 stock on TipRanks’ Stock Analysis page.