(MENAFN- GlobeNewsWire - Nasdaq)
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO THE UNITED STATES OR TO U.S. NEWS AGENCIES
HONG KONG, March 17, 2023 (GLOBE NEWSWIRE) -- This press release is issued pursuant to Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103-The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, in connection with the filing of an early warning report regarding Leung Lee CHAN (the“ Receiver ”) and Bless Delight Global Investments Limited (the“ Successor Secured Lender ”), taking control over 24,691,628 ordinary shares (the“ Shares ”) of Century Global Commodities Corporation (the“ Issuer ”) (TSX: CNT).
Ben Koon WONG (the“ Borrower ”), through his wholly-owned company, Purple Star Holdings Limited (“ Purple Star ”), owns the Shares. On November 15, 2018, the Borrower entered into a loan agreement, and in connection with the loan made under that agreement (the“ Secured Loan ”), the one and only share in the capital of Purple Star was made subject to a share charge in favour of the lender (the“ Original Lender ”) as security for the Secured Loan. On November 30, 2022, the Successor Secured Lender was assigned all the interests of the Original Lender under that loan agreement. The Borrower has defaulted under the loan agreement. On December 30, 2022, the Successor Secured Lender engaged the Receiver to, among other things, realize upon the Shares as security for the Secured Loan. As of March 16, 2023, the Receiver has acquired control and direction over the Shares. The Receiver now intends to proceed to dispose of the Shares, in due course, on behalf of the Successor Secured Lender, with the proceeds to be used to repay the Secured Loan.
All transactions reported in this news release occurred in the Hong Kong Special Administrative Region of the People's Republic of China.
Prior to March 16, 2023, the Receiver did not own/control any interest in the Issuer. Immediately after the transaction, the Receiver has control over the Shares.
An early warning report respecting the Receiver's acquisition of control and direction over the Shares will be filed with the applicable securities commissions and will be available for viewing on the Company's profile at .
Leung Lee CHAN
Frank Forensic and Corporate Recovery Limited
Unit 703, Capital Centre, 151 Gloucester Road, Hong Kong.
Bless Delight Global Investments Limited
Sea Meadow House, Blackburne Highway, (P.O. Box 116), Road Town, Tortola, British Virgin Islands.