Solidere Announcement

Solidere announces that its un-audited land sales value that will be recognized in 2020, amounts to $341.9 million. ( Official PDF June 2020 )

The Company paid off in 2020 its local bank loans and some of its overdraft accounts, totaling around $190 million. It also closed most of its dues to suppliers and contractors, decreasing the Company’s liabilities from $414 million as of end of 2019 to around $225 million as of today June 18, 2020, noting that most of its remaining liabilities are either long term or to be settled and reflected within the revenues item once the requirements of the accounting rules are fulfilled.

It is worth noting that its cash and bank deposits balances increased significantly during 2020 and hence its high liquidity position enables the Company to face urgent and future challenges.  

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