GLOBAL M HLDG received a demand letter from JSM, requesting repayment of the full amount of HKD 102 million under the loan agreement
GLOBAL M HLDG received a demand letter from JSM, requesting the repayment of the full amount of HKD 102 million under the loan agreement. The company failed to pay the accrued interest on time, resulting in a default on the loan agreement. The demand letter stated that the company's shares would be suspended from trading starting February 19, 2025, and Mr. Zhang would no longer serve as an executive director from November 13, 2024. If the company fails to repay in a timely manner, the lender may take legal action
According to the announcement from GLOBAL M HLDG (08063), the company has received a demand letter from the legal advisor of the lender dated August 11, 2025 (JSM Demand Letter), requesting immediate repayment of the outstanding amounts under the loan financing granted to the company, due to the company's failure to repay the accrued interest according to the repayment schedule stipulated in the loan agreement. The JSM Demand Letter further states that the company's shares have been suspended from trading since February 19, 2025; and Mr. Zhang has ceased to be the executive director of the company since November 13, 2024, triggering a default event under the loan agreement.
The JSM Demand Letter requires the company to repay the total amount of HKD 102 million under the loan agreement (including principal, accrued interest, overdue interest, and other fees). The JSM Demand Letter further states that if the company fails to comply with the demand immediately, the lender may take legal action without further notice, including but not limited to filing a lawsuit to recover the debt and enforcing the mortgage rights
