General Announcement::Result of PRC Court Auction
Issuer & Securities
CHINA ENVIRONMENT LTD.
CHINA ENVIRONMENT LTD. - SG1Y42946521 - 5OU
Date &Time of Broadcast
Announcement Sub Title
Result of PRC Court Auction
Submitted By (Co./ Ind. Name)
Corp Affairs Manager
Effective Date and Time of the event
Description (Please provide a detailed description of the event in the box below)
The Board of Directors (the "Board") of China Environment Ltd. (the "Company") refers to the Company's announcement dated 10 October 2017 informing the shareholders of the result of the Civil Suit by Zhongxin Bank ("ZXB") against the Company's wholly owned subsidiary Fujian Dongyuan Environmental Protection Co., Ltd ("FJDY").
The PRC Court has auctioned off the land use rights and property assets which had been pledged as security for the RMB36.67million ZXB loan on 26 October 2018 for RMB14.4 million.
ZXB will inform the company on the balance amount owing on the loan after the PRC Court has distributed the auction proceeds. The Company does not expect FJDY to be able to repay any outstanding balances due to ZXB. FJDY maybe involuntarily wind up by ZXB as a result.
The Company will update the shareholders accordingly on any further development.