Fengxiang (9977 HK): MGO Expected To Follow Judicial Auction
The controlling shareholders of Shandong Fengxiang Co Ltd-H (9977 HK), a company engaged in chicken breeding, slaughtering, and processing, are unable to meet their debts.
As such, these shareholders who hold 70.92% of shares out in Fengxiang, via domestic shares, have been forced into a judicial auction, the completion of which may trigger an MGO.
Taking pointers from Dongzheng Automotive Finance (2718 HK)'s recent auction means we back out a possible payment around late December - on the assumption an unconditional MGO is triggered.
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