Investment
Holding Group Discloses Lawsuit Update on Liquidation of One
Subsidiary
01 December 2019
Investment
Holding Group (IHG) announced that it has appealed the judgement
issued by the First Instance Court – Circuit 1, on 30 September
2019 resolving to dissolve and liquidate the subsidiary Trelco
Building Materials Co.
Considering
the fact that the Investment Holding Group has restructured the
said subsidiary and supported it through the appointment of a
new General Manager and extending facilities to open L/Cs for
the purchase of goods where the company’s sales has increased
throughout the second half of this year achieving cash surplus
enough to cover the operating expenses of the company.
Based on the
restructuring program of the subsidiary, Investment Holding
Group is confident that the subsidiary will achieve profits by
the beginning of next year 2020.
It is
worth-noting that the liquidation judgment does not have a
substantial impact on the financial position of the Investment
Holding Group as the IHG stake in Trelco Building Materials Co.
stands only at 2% of IHG’s capital.
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