GRAND MING (01271) has notified all lenders of the default event and will continue to seek waivers from other lenders for the breach.

GRAND MING (01271) announces that, based on the bank financing agreement with its loan bank (lender), the Group is required to fulfill certain financial commitments, including but not limited to the ratio of comprehensive EBITDA to comprehensive interest expenses, comprehensive net gearing ratio, and liquidity ratio. According to the audited annual performance for the year ended 31 March 2026, released by the company on 30 June 2026 (full-year performance announcement), the Group has failed to meet the financial commitments related to the loan financing agreement with the lender (breach of covenant). This breach of covenant allows the lender to declare the principal amount, accrued interest, and all other amounts due under the loan financing agreement to be immediately due and payable. As of the announcement date, the outstanding principal amount under the loan financing is approximately HK$4.95 billion. The Group has obtained waivers from certain lenders for the breach of covenant, involving bank loans of approximately HK$1.874 billion. For further details, please refer to the full-year performance announcement. The Group has notified all lenders of the default and continues to seek waivers from other lenders regarding the breach of covenant. As of the announcement date, the Group has not received any requests from lenders for immediate repayment of the loan financing. The company will separately disclose information on the loan financing and waivers as appropriate.