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Public company info - Burwill Holdings Ltd. , 00024.HK
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Burwill Holdings Ltd., 00024.HK - Company Profile
Chairman -
Share Issued (share) 5,112,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Steel
Corporate Profile Business Summary: Burwill Holdings Limited is an investment holding company. Performance for the year: The Group recorded revenue of HK$934.40 million (2018: HK$2,305.47 million) . Business Review: Immediately prior to the suspension of trading in the shares of the Company (the “Shares”) on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) in November 2019 (the “Suspension”), the Group was principally engaged in two businesses, which were (i) steel trading and (ii) lithium business, which were capital intensive in nature. Following the Suspension, the Group’s business operation substantially diminished due to the Group’s severe financial distress. Prospects: Following their appointment, the Provisional Liquidators have sought to identify and secure any assets of the Company including securing the Hong Kong office premises, taking possession of limited books and records in Hong Kong, requesting Statements of Affairs from the Directors and seeking to transfer any bank balances to the Provisional Liquidators’ designated accounts. With the assistance of Asian Capital Limited which acted as the financial adviser to the Company, the Provisional Liquidators also sought to identify potential investors for the Company with a view to recapitalizing the Company and restructuring the Company’s operations. On 24 September 2020, the Company and the Provisional Liquidators entered into a restructuring agreement (the “Restructuring Agreement”) with Alpha Pioneer Ventures Limited (“Alpha Pioneer” or the “Investor”). Pursuant to the Restructuring Agreement, the Company would conduct a restructuring (the “Proposed Restructuting”) which comprises (i) debt restructuring (which consists of debt settlement and scheme of arrangement); (ii) capital reorganisation; (iii) subscription of new shares; and (iv) open offer, with a view to resume trading in the Shares on the Stock Exchange. As part of the Proposed Restructuring, the debt restructuring will enable the Company to settle and compromise its debts with the proceeds to be raised from the subscription of new shares and open offer through scheme of arrangement in Hong Kong. Upon completion of the Proposed Restructuring, the Company is expected to be solvent and the Provisional Liquidators will be discharged. Apart from the financial restructuring as mentioned above, the Group also restructured and revitalised its business operation. On 23 April 2020, pursuant to a Court sanction, the Company established a wholly owned subsidiary namely BRD for the purpose of restructuring and continuation of the trading business of the Group. BRD commenced its trading business in June 2020, and has so far attained fruitful financial results in year 2020.

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