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.