Sinofert Faces Financial Impact from Associate’s Bankruptcy Proceedings

The latest update is out from Sinofert Holdings ( (HK:0297) ).

Sinofert Holdings Limited announced that bankruptcy liquidation proceedings have commenced for its associate company, Yangmei Pingyuan Chemical Company Limited, following a creditor’s application. The shutdown of Yangmei Pingyuan’s operations led to significant financial impacts on Sinofert, including credit losses and an expected impairment loss. Although the company estimates a loss of RMB168 million for the year ending December 2024, it does not foresee a material impact on its overall financial position or daily operations. Sinofert Holdings plans to actively participate in the creditor proceedings to recover its investments.

More about Sinofert Holdings

Sinofert Holdings Limited is a company incorporated in Bermuda, primarily involved in the production and sale of fertilizers and chemical products. The company operates in the agriculture industry, focusing on products such as urea, methanol, and melamine, with a significant market presence in China.

YTD Price Performance: -1.33%

Average Trading Volume: 15,000

Technical Sentiment Consensus Rating: Sell

Current Market Cap: $1.01B

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