HONG KONG, Nov. 1, 2016 /PRNewswire/ -- National Agricultural Holdings Limited ("National Agricultural" or the "Company" together with its subsidiaries, the "Group"; stock code: 1236.hk) has announced the latest developments in relation to the potential default of the finance lease agreements under China Coop Mengda, a subsidiary of the Company.
China Coop Mengda initiated court proceedings at the Xicheng District Court for potential default in respect of one of the Finance Lease Agreements entered with Central China Securities Co. Ltd., the Lessee. The Xicheng District Court has accepted the case. At the moment, the case is currently under investigation by the Beijing Public Security Bureau, while the proceedings of first instance of the case have been commenced by the Xicheng District Court.
National Agricultural commented, "The Company's operations remain normal, and its projects are progressing as planned. Despite the changing market environment, the Company has achieved significant progress thanks to the support of its staff, the supply and marketing cooperative system, and its major shareholders and investors. This year, the Company has been proactively establishing joint ventures with companies within the supply chain and marketing sector, expanding its customer base and growing the influence of 'Agripay' this year."
For further information, please refer to the full announcement: http://www.hkexnews.hk/listedco/listconews/mainindex/ipmpnews.aspx?id=002650259
