Pak Tak International Unit Enters Cross-Guarantee Agreement With Associates; Shares Down 12%

MT Newswires Live

Apr 27

Pak Tak International (HKG:2668) said its mining subsidiary entered into a cross-guarantee agreement with two companies connected to chairman and CEO Wu Zongchuan, according to a Hong Kong bourse filing Friday.

Shares of the firm fell over 12% in late morning trade Monday.

The company's Fushun Xingzhou unit entered into an agreement with Fushun Huawei and Fushun Zongchuan to mutually guarantee each other's loan facility from the Bank of Fushun for a term that ends Dec. 31, 2028.

Fushun Xingzhou placed a cap of 15 million yuan per year for the provision of a guarantee to Fushun Huawei, and 120 million yuan per year for Fushun Zongchuan.

The agreement is subject to shareholder approval.

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