Sino Grandness to service $28.7 mil debt using dividends from China

Sino Grandness to service $28.7 mil debt using dividends from China

By: 
Michelle Zhu
07/02/19, 08:11 am

SINGAPORE (Feb 7): Sino Grandness Food Industry Group says it is currently preparing to repatriate funds back from China, by way of dividend, amid ongoing negotiations with Soleado Holdings to extend the repayment of $28.7 million owed.

To recap, Soleado Holdings is demanding Sino Grandness pays an outstanding loan principal amount of US$21.2 million ($28.7 million) and $30,000 in interest and legal fees.

The group remitted $34,958 on Jan 23 to cover the latter claim, and on the same date, said it was negotiating with Soleado to settle the matter amicably.  

In its latest update, Sino Grandness says its plans to repatriate funds are subject to China’s regulatory approval.

It adds that it is still in negotiations with Soleado for an extension of repayment for the sum demanded.

Shares in the group closed 11.9% lower at 5.2 cents on Monday.

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