Issue of US $10,000,000 (equivalent to approximately HK $78,387,000) CB to Arena Investors, L.P, convertible into 829,492,063 shares, representing 5.81% of the issued share capital, at HK $0.0945, for a total net proceeds of HK $78 million
The Company is engaged in investment holding. The principal activities of its major subsidiaries are holding mining and exploration rights of coal mines located in Russia; and trading of diesel, gasoline and other products in South Korea and China.
In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 March 2026, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance.
One of the shareholders has agreed in writing not to demand repayment of the amounts due to shareholders (amounting to approximately HK$169,600,000 in aggregate as at 31 March 2026) prior to 31 December 2027." / "Shareholders have agreed to extend the repayment dates of all loans (including new additional loans) to 31 December 2027.
With the successful implementation of the relevant measures and the availability of financial support as mentioned above, the Directors of the Company consider that the Group will have sufficient funds to satisfy its future working capital and other financial obligations as and when they fall due. Accordingly, the Directors of the Company consider that it is appropriate to prepare the consolidated financial statements on a going concern basis.
