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“European TopSoho has until September 30 (inclusive) to remedy this default”, said SMCP in a statement.
“To SMCP’s knowledge, the shares underlying the bonds and pledged in this context represent 37% of the share capital of SMCP,” it added.
SMCP said the situation did not call into question its own funding and operations, and SMCP shares were up 5.6% by 0855 GMT.
Shandong Ruyi holds 53% of the share capital of SMCP, and European TopSoho is one of its units. Neither company immediately responded to emailed requests for comment.
($1 = 0.8530 euros)
