Planetree International Development (HKG:0613) said its group accepted a settlement offer for loan balances amounting to HK$125.7 million by receiving an equivalent sum of issued shares of Shengjing Bank (HKG:2066) in September 2023, a Tuesday Hong Kong bourse filing said.
The loans were granted by Maxlord Enterprises, a subsidiary of the conglomerate. The settlement offer was made by Murtsa Capital on behalf of seven individual borrowers.
Under the settlement agreement, the group received 21,863,107 H shares of the bank, valued at HK$125.7 million at the time. The company neither made a gain or loss from the settlement, the filing said.
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