Guangnan expects to make HK$6.5 mln provision and to resume trading today

Guangnan Holdings (1203) said according to the cautious estimation, the group should make provision of about HK$6.5 mln for its annual integrated accounts ended to December 31 this year. The non-audited loss of Guangnan KK supermarket in the first four months reached HK$6.7 mln.

Except for the HK$6.5 mln provision mentioned above, Guangnan Holdings was unaware of other debts resulted from the liquidation of Guangnan KK supermarket. Guangnan Holdings decided not to give any financial support to Guangnan KK supermarket. The wholly owned subsidiary of Guangnan Holdings, which holds 70% shareholding of Guangnan KK supermarket, has applied to liquidate Guangnan KK supermarket.

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