China Merchants Bank Seeks Debt Payment of 1.09 Billion Yuan From Orient Group in Lawsuit; Orient's Shares Drop 10%

MT Newswires Live

2024/09/10

China Merchants Bank (HKG:3968, SHA:600036) filed a lawsuit against Orient Group (SHA:600811) at China's Harbin Intermediate People's Court to pursue debt amounting to 1.09 billion yuan, according to a Tuesday disclosure on the Shanghai Stock Exchange.

The debt is part of a credit agreement signed by Orient on Dec. 27, 2022.

The lender is also seeking that the conglomerate will pay an overdue interest, estimated to be at a 4.95% rate from Sept. 21.

Orient's shares slumped less than 10% in recent trade.

Price (HKD): $29.05, Change: $-0.100, Percent Change: -0.34%

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