Shanghai Electric Group Company (HK:2727) has released an update.
Shanghai Electric Group Company Limited has reached a settlement regarding material litigations with Pufa Machinery and Shanghai Pujin, agreeing on a debt repayment plan totaling RMB999 million, with various payment conditions and guarantees. The settlement’s effectiveness and execution are still pending, and it may affect the company’s financials for the current or subsequent periods, with the company advising shareholders and potential investors to exercise caution. The book value of the receivables from SINOMEC was RMB598 million as of June 30, 2024, and the company will continue to update investors as the situation progresses.
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