Sinofert to Record 168 Million Yuan Loss as Associate Enters Bankruptcy Proceedings

MT Newswires Live

01/21

Fertilizer company Sinofert (HKG:0297) expects to recognize a loss of 168 million yuan related to a loan granted to associate Yangmei Pingyuan Chemical, which is facing bankruptcy liquidation proceedings in a China court, a Monday bourse filing said.

The bankruptcy liquidation application against the associate was filed by creditor Pingyuan County Finance and Development Group.

Yangmei Pingyuan Chemical is also an associate of Sinofert unit Sinochem Fertilizer, which had granted the associate a two-year loan of 168 million yuan in January 2024 to resettle employees after a shutdown notice.

Sinofert expects to recognize the 168 million yuan loss related to the loan based on the current circumstances.

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