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CHINA SAITE GROUP COMPANY LIMITED
中 國 賽 特 集 團 有 限 公 司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 153)
This announcement is made by China Saite Group Company Limited (the ''Company'', together with its subsidiaries, the ''Group'') pursuant to Rule 13.09(2) and Rule 13.19 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the ''Listing Rules''), and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
The Company has received notices of default, statutory demands, writ of summons and winding up petitions from of some its creditors in relation to the outstanding overdue indebtedness arising from the offshore corporate bonds issued by the Company in 2018. As of the date of this announcement, based on the information currently available to the Company, the total unpaid overdue indebtedness is approximately HK$120.6 million (the ''Overdue Indebtedness'').
The Company has been liaising with each of the relevant creditors with a view to reaching consensus on a repayment schedule to resolve the Overdue Indebtedness. The Company failed to repay the Overdue Indebtedness in accordance with the initial repayment schedule as additional time was required to apply for the necessary approval from State Administration of Foreign Exchange for repayment of the bonds in Hong Kong. The Company expects to repay the Overdue Indebtedness before the end of September 2019.
The Company will keep its Shareholders informed of any significant developments and other matters by way of further announcement(s) as and when appropriate.