Global Food and Ingredients Ltd (TSE:PEAS) has released an update.
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Global Food and Ingredients Ltd. (GFI) is set to shut down operations following a significant drop in sales and gross profit due to recent macro-economic events affecting raw material supplies. Despite exhaustive efforts, the management was unable to secure refinancing or sell the company’s assets, leading to a decision to sell assets in coordination with lenders. The board of directors has resigned, but GFI asserts its commitment to meeting legal disclosure obligations during the wind-down process.
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