China Chaintek United Co., Ltd Trading Update

TIDMCTEK

RNS Number : 3264Y

China Chaintek United Co., Ltd

07 September 2015

 
 Press Release   7 September 2015

China Chaintek United Co., Ltd

("Chaintek" or the "Group")

Trading Update - Logistics Park

Chaintek (AIM: CTEK), the provider of logistics services to manufacturers of consumer goods in China, is pleased to announce that, in accordance with the supplementary agreement with Fujian Jinjiang Industrial Park Development and Construction Co., Ltd. ("LDC") dated 6 March 2015 and as referred to in our 2014 annual accounts, the Company has requested and received full repayment of RMB 273 million from the LDC in respect of its originally planned new Logistics Park over a parcel of land in Cizao Town, Jinjiang City, Fujian Province, China.

This was fully paid for during 2013 but no formal Land Use Rights ("LUR") certificate was ever issued. Funds are currently held with China Merchant Bank, Guanzhou Branch and will be retained to meet the Company's expansion plans in Central China around Wuhan. Management are currently assessing suitable locations for setting up a new logistics hub in that area. In conjunction, discussions with local government are ongoing to ensure that any identified sites are obtained on appropriate terms.

Xu Meijin, Chief Executive Office of Chaintek, said: "Chaintek is pleased to have received a full refund of RMB 273 million for its land purchase from the LDC. The Group will seek for the best use of the cash newly available to Chaintek to support the Group's expansion plans and will update shareholders as and when appropriate."

- Ends -

 
 
   For further information: 
    China Chaintek United          www.chaintek-united-ir.com/ 
     Co., Ltd 
    Derrick Wong (Finance                        +65 9227 8485 
     Director)                               +86 159 8597 3034 
 
    ZAI Corporate Finance 
    Peter Trevelyan-Clark 
     / Ivy Wang (Nomad) 
     Steven Baird (Broker)                +44 (0) 20 7060 2220 
 
    Abchurch Communications 
    Quincy Allan / Canace 
     Wong                                 +44 (0) 20 7398 7710 
    chaintek@abchurch-group.com         www.abchurch-group.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

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September 07, 2015 11:00 ET (15:00 GMT)

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