KINGLAND GROUP (01751): Wong Man Chun and Cheung Yat Kit appointed jointly and severally as temporary liquidators of Bao Hua entities by the Hong Kong Court.

KINGLAND GROUP (01751) announced that on February 21, 2025, Mr. So Man Chun and Mr. Zhuang Rijie, from the accounting firm Lo & Lo Accountants, have been appointed by the Hong Kong court as joint and several provisional liquidators of Bau Hwa Construction Limited, Bau Hwa Construction Engineering Limited, Bau Hwa Construction Company Limited, Bau Hwa Electrical Engineering Limited, and Bau Hwa Construction Engineering Limited (collectively referred to as "Bau Hwa entities"). According to Lo & Lo Accountants, the provisional liquidators are currently reviewing the financial situation of the Bau Hwa entities and safeguarding their assets and records, and will provide further updates to the stakeholders of the Bau Hwa entities in due course. The Group is mainly engaged in providing concrete demolition services in Hong Kong and Macau, primarily as a subcontractor. The four Bau Hwa entities have been customers of the Group. As of December 31, 2024, the Group had trade receivables and retention monies receivable from them totaling approximately HK$4.4 million. Due to the appointment of provisional liquidators for the Bau Hwa entities, the Group has reassessed the recoverability of the receivables. In this regard, the Group expects to write off all trade receivables for the financial year ended December 31, 2024. The Group is still reviewing and finalizing the annual performance for the year 2024. The information in this announcement is based on the Group's preliminary assessment of the latest developments regarding the Bau Hwa entities and the information available at present. This information has not been confirmed or reviewed by the auditors and may be subject to changes. The Company will actively monitor the developments of these matters and will take appropriate legal actions to safeguard its legal rights at the appropriate time. The Company will also provide the shareholders with further updates in due course.