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CWT INTERNATIONAL LIMITED
(Incorporated in Hong Kong with limited liability)
(Stock Code: 521)
UPDATE ON DEBT RESTRUCTURE PLAN AND
CONTINUED SUSPENSION OF TRADING
This announcement is made by CWT International Limited (the "Company" and together with its subsidiaries, the "Group") pursuant to Rule 13.09(2)(a) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (the "SFO").
References are made to the announcements of the Company dated 16, 22 and 30 April 2019, 6, 12 and 27 June 2019, 9 and 19 July 2019, 5 August 2019, 9 October 2019, 8 January 2020, 9 April 2020 and 9 July 2020 (the "Previous Announcements"). Capitalised terms used in this announcement have the same meanings as defined in the Previous Announcements unless the context requires otherwise.
REPAYMENT DATE UNDER FACILITY AGREEMENT
The Board hereby announces that on 3 August 2020, the Company agreed in writing with the Original Lenders to provide a further period of thirty (30) days from the current maturity date under the Facility Agreement (as amended and supplemented) (the "Maturity Date") to 4 September 2020 (the "Repayment Date") for the repayment of the outstanding principal and interest accrued thereon up to the Maturity Date under the Facility Agreement (as amended and supplemented) (the "Loan Repayment Sum"), on the basis that interest will continue to accrue on the Loan Repayment Sum at the rates of interest stipulated in the Facility Agreement (as amended and supplemented) and payable on the date of actual payment of the Loan Repayment Sum and that the Company may pay the whole or any part of the Loan Repayment Sum at any time prior to the Repayment Date without premium or penalty.
The Original Lenders have agreed that the above arrangements will not constitute or result in any default under the Facility Agreement (as amended and supplemented).
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OTHER FINANCING MEASURES
To improve the Group's liquidity position, the management of the Group is also actively taking other financing measures, including but not limited to maintaining a good relationship with the current finance providers, and negotiating with financial institutions to obtain adequate funding support. As at the date of this announcement, the Group has been engaging in ongoing discussions with an independent third party on the Refinancing Facility, to be specifically used for repayment of the outstanding principal and interest of the Facility Agreement (as amended and supplemented).
The Company will issue further announcement(s) to provide updates on the Debt Restructure Plan as and when required pursuant to the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the SFO.
CONTINUED SUSPENSION OF TRADING
At the request of the Company, trading in the shares of the Company on the Stock Exchange was suspended from 2:32 p.m. on 10 April 2019. The shares of the Company will remain suspended until the repayment of the amounts due and payable under the Facility Agreement (as amended and supplemented) and the approval of the resumption proposal of the Company by the Stock Exchange.
By order of the Board
CWT INTERNATIONAL LIMITED
Li Neng
Executive Director
Hong Kong, 3 August 2020
As at the date of this announcement, the Board comprises Mr. Zhu Weijun (Executive Director and Co-Chairman), Mr. Li Neng (Executive Director, Co-Chairman and Chief Executive Officer), Mr. Zhao Quan (Executive Director), Mr. Chen Chao (Executive Director), Mr. Zhang Can (Executive Director), Mr. Leung Shun Sang, Tony (Independent Non-executive Director), Mr. Liem Chi Kit, Kevin (Independent Non-executive Director), Mr. Lam Kin Fung, Jeffrey (Independent Non-executive Director) and Ms. Chen Lihua (Independent Non-executive Director).
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