HKG:0372

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PT International Development Warns of Wider Fiscal-Year Loss

PT International Development (HKG:0372) expects a loss of at least HK$385 million for the year ended March 31, wider than HK$209 million a year prior, according to a Monday Hong Kong bourse filing.The commodities trader attributed the forecast to an impairment loss on property, plant, and equipment and right-of-use assets related to port-related service provision in the petrochemical segment, as well as an unrealized fair value loss of its investment in AFC Mercury Fund.The company expects to publish its annual results on June 30.

HKG:0372

Asia26d ago

PT International Discloses Suspected Fund Misappropriation at Unit

PT International Development (HKG:0372) said authorities are investigating the suspected misappropriation of 22.4 million yuan from Guangxi Guangming Warehouse Storage, according to a Tuesday Hong Kong bourse filing.The company said Thousand Vantage Investment directors Zhu Bin and Chen Kui, former Guangming executive Zhu Xuefeng, and certain external parties were suspected of involvement.Guangming is an indirect, non-wholly-owned subsidiary of the company, held through Thousand Vantage.Authorities have recovered 9.6 million yuan, while 12.8 million yuan remains unrecovered, the filing said.PT International said it will seek the removal of Zhu Bin and Chen as directors of Thousand Vantage and does not expect the case to materially affect operations, as the alleged conduct occurred before it acquired a controlling stake in Thousand Vantage in 2021.

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