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FINWIRES

Grand Ming Unit Clears Legal Overhang Following Settlement

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A winding-up petition filed against a Grand Ming (HKG:1271) unit was withdrawn in Hong Kong on Wednesday following a settlement, the company said in a same-day filing with the city's bourse.

The property developer's shares fell by more than 3% in recent trade.

The petition was filed by Jardine Engineering Corporation against Grand Tech Construction over unpaid invoices totaling HK$14.7 million under subcontract works.

However, both sides reached a settlement agreement in April, and the petitioner filed an application to withdraw the suit.

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