Bank of Zhengzhou's Board Approves Disposal of Assets, Approval at EGM Pending until Sept. 26
Bank of Zhengzhou (HKG:6196, SHE:002936), at a board meeting, approved the resolution to dispose of certain "low-efficiency" assets to Zhongyuan Asset Management for 10 billion yuan.
The bank will propose an ordinary resolution for the approval of the disposal at its extraordinary general meeting on Sept. 26, a Tuesday filing with the Hong Kong Exchange said.
The bank had entered into an asset disposal agreement with Zhongyuan Asset Management on Sept. 4, for the disposal of assets including customer loans and advances, guarantees, and creditor's rights. The bank's total impairment provision for these assets amounted to 4.99 billion yuan.
The disposal reduces potential asset losses and improves its structure and the proceeds will be used for working capital.
The company's shares were down nearly 3% on Wednesday's close.
Price (HKD): $0.71, Change: $-0.020, Percent Change: -2.74%
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