China South City further delays 2023 final dividend payment
China South City Holdings (HKEX:1668) has announced a further delay in the payment of its final dividend for the year ended March 31, 2023. The Board attributes the delay to lower-than-expected sales, insufficient cash flow to cover daily operations, and the failure of proposed asset disposals, all of which have increased strain on the company's working capital and led to a default on its offshore debt. The company stated that the current cashflow did not allow the company to make the payment of the 2022/23 Final Dividend by 31 December 2024. The company is in discussions with its creditors to explore a holistic solution to its debts situation to secure sustainable operations and future development. While the company aims to maximize its ability to honour the payment of the 2022/23 Final Dividend by 31 December 2025, the form and payment may be subject to change depending on the outcome of these discussions.
This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com
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