Shanghai Electric Pursues Legal Action Against SINOMEC Over Unpaid Loans

MT Newswires Live

Aug 06

Shanghai Electric Group (HKG:2727) said it is continuing legal action against SINOMEC Engineering Group and related guarantors over unpaid loan balances, according to a Tuesday Hong Kong bourse filing.

Shares of the electric equipment manufacturer were up over 2% in Wednesday's recent trade.

The litigation involves two cases filed with the Shanghai Pudong New Area People's Court. The company is seeking recovery of interest, penalty charges, and compound interest in addition to outstanding loan principal, and is requesting priority rights over pledged equity assets tied to SINOMEC.

The outcome of the current lawsuits remains uncertain and may impact the company's financial results depending on the court's decision and recovery progress.

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