CHIHO ENV (00976.HK): files notice of discontinuance, terminating legal proceedings

NewTimeSpace News: On 19 August 2026, Chiho Environmental Group Limited (stock code: 00976) announced in a voluntary announcement that, following the receivers' sale of the Scholz Group on 31 July 2026, the Company and the receivers have held discussions to resolve the relevant disputes; on 19 August 2026, the Company (as plaintiff) filed a notice of discontinuance with the High Court of the Hong Kong Special Administrative Region and served the notice on the defendants who had entered appearance in the proceedings.

According to the announcement, the proceedings relate to, among other things, payment default under a syndicated term loan facility agreement of up to USD 300,000,000 (entered into in 2018), the appointment of receivers over shares of certain wholly-owned subsidiaries and the sale of the Scholz Group. The Board considers that discontinuing the proceedings is in the interests of the Company and its shareholders as a whole; the Company's shares have been suspended since 1 April 2025 and will remain suspended until further notice, pending fulfillment of the resumption guidance.

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