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South Manganese Investment proposes debt reduction plan for shareholder vote

June 19, 2025 at 05:03 PM UTCBy FilingReader AI

South Manganese Investment Limited has announced a debt reduction proposal to be presented for shareholder approval at a Special General Meeting (SGM) scheduled for July 9, 2025. The proposal aims to address the company's high debt level, which, as of December 31, 2024, included total borrowings of HK$3,945.6 million and net current liabilities of HK$1,659.4 million. The company's gearing ratio stood at 167.07% at the end of 2024, with finance costs for the year reaching HK$144.8 million. The proposed strategy includes prioritizing the use of available cash flow to repay borrowings, targeting a debt reduction of RMB300 million to RMB500 million annually, and lowering the gearing ratio to 50% or below within five years. Directors recommend shareholders vote in favor of the proposal at the SGM.

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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