The company has announced that, under certain bank financing agreements with its lending banks, the group is required to maintain specific financial covenants. These include, but are not limited to, the consolidated EBITDA to interest expense ratio, the consolidated net gearing ratio, and the current ratio.

According to the audited annual results for the year ended March 31, 2026, released on June 30, 2026, the group failed to comply with the relevant financial covenants under these loan facilities. This breach grants the lenders the right to, among other actions, declare all outstanding principal, accrued interest, and other amounts payable under the loan facilities immediately due and payable.

As of the date of this announcement, the total outstanding principal amount under the loan facilities is approximately HK$4.95 billion. The group has already obtained waivers for the breach from certain lenders, covering bank loans of around HK$1.874 billion. Further details can be found in the annual results announcement.

GRAND MING (ASX: 01271) has notified all relevant lenders of the default event and continues to seek waivers from the remaining lenders regarding the breach. To date, the group has not received any demand from lenders for immediate repayment of the loans under the facilities. The company will issue further announcements regarding the loan facilities and the status of waivers as appropriate.