Luoyang Glass Fights With Parent for RMB 608 Mln

Nov. 8, 2006 (China Knowledge) – Luoyang Glass has started arbitration against its parent firm, hoping to retrieve RMB 608 million of funds, according to the South China Morning Post on Tuesday.

The arbitration committee in Luoyang, a city in the western part of Henan province, has accepted its application, according to Luoyang Glass.

The unprofitable glassmaker added that funds used by its controlling shareholder and associates totaled RMB 620 million at the end of March, but only RMB 12 million has been repaid. This will affect the cash flow and subsequently, the operations and financial positions of the company and its associated companies.

Funds are particularly important for the debt-laden Luoyang Glass, which has incurred a total loss of RMB 969 million since 1994 when it went public in Hong Kong. At the end of June this year, the company holds RMB 153 million of cash, while net current liabilities stood at RMB 688 million. In addition, Luoyang Glass has to repay a RMB 861 million loan, which already has been permitted to be delayed.

Uncertainty looms for Luoyang Glass. Early this year, the Hong Kong Stock Exchange advised that shareholders should consider sacking chairman Liu Baoying and vice-chairman Zhu Leibo.

600450 Luoyang Glass Fights With Parent for RMB 608 Mln

See more news about:

Others also read

Peng Shou Visits KCC Corporation (South Korea)
On the afternoon of July 16th, 2018, Peng Shou, board chairman of CTIEC, was invited to pay a working visit to headquarters of KCC in Korea.
SentryGlas® delivers clarity, strength and safety at Shum Yip Upperhills
Laminated glass using SentryGlas® was chosen for safety and insulating glass was specified to improve thermal performance.
Check out the exhibitors at ASEAN's largest glass show, Glasstech Asia 2018 & Fenestration Asia 2018!
Malaysia International Trade & Exhibition Centre (MITEC); Kuala Lumpur; 14 - 16 November 2018.
CTIEC Signs General Contract of Pakistan  Waste Heat Power Generation Project
On July 9,2018, the signing ceremony of general contract project of installing waste heat generation facilities for two float glass production lines (450t/d+550t/d) of GhaniGlass Co. Ltd. (Pakistan) by CTIEC was held in Shanghai.
 LandGlass Glass Tempering Furnace in Iran
TJK is a well-known industrial enterprise in Iran. The company is equipped with a LD-AB F&B Bi-directional glass tempering furnace made by LandGlass.
LandGlass Glass Tempering Furnace in Turkmenistan
In ANYK TEKLIP’s facility, a LD-AC F&B Bi-directional glass tempering furnace made by LandGlass is running day and night.

From industry

No. 160 Yichuan Rd.,
Jiaonan Shi
Qingdao Shi
Shandong Sheng, 266000

Add new comment