ALCO HOLDINGS (00328.HK) announced that on June 21st, the company received a liquidation petition from Shanghai Commercial Bank regarding the company's application for liquidation in the High Court of Hong Kong. The petition was based on the company's guarantee for the repayment of all overdue and payable loans and debts of Love High Electric Power (a former indirect wholly-owned subsidiary). The overdue and payable loans amount to HKD 2.6245 million and USD 2.521 million, including accrued default interest. The hearing for the petition is scheduled for August 28th.

The company will actively negotiate a feasible and practical settlement plan with Shanghai Commercial Bank. Currently, the company has reservations about the amount of overdue and payable loan debts of Love High Electric Power mentioned in the petition. The company will seek further legal advice and take all necessary actions to protect its legitimate rights and interests. In view of the petition, after considering the progress of negotiations with Shanghai Commercial Bank, the company may consider whether to apply for a recognition order from the High Court of Hong Kong later. (cy/w)

~