Pak Tak International updates efforts to resolve disclaimer of opinion

Pak Tak International Limited has provided a quarterly update on its actions to resolve the Disclaimer of Opinion. The company is actively restructuring defaulted bank borrowings, with ongoing negotiations for Bank Loan 3 (principal amount RMB22,567,000) to resolve remaining obligations like interest and penalties. For Bank Loan 2 (principal amount RMB279,000,000), legal and negotiation processes are advancing, with an appeal ongoing and discussions with Hua Xia Bank, Shenzhen Branch regarding repayment extension and additional security.

The company is also securing financial support from its substantial shareholder, Tengyue, and expediting the collection of receivables to bolster cash flows. Furthermore, Pak Tak International is evaluating options for additional banking facilities by pledging investment properties as collateral.

In addition to financial measures, Pak Tak International is developing its iron ore mining and processing business, aiming to increase operational capacity and production. The group is also in discussions with an independent financial advisor for potential fund-raising activities, exploring equity and/or debt financing to strengthen its financial position and support ongoing operations.