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Statement
| 1.Date of occurrence of the event:2022/08/17
2.Company name:Grand Ocean Retail Group Limited
3.Relationship to the Company (please enter "head office" or
"subsidiaries"):head office
4.Reciprocal shareholding ratios:Not applicable
5.Cause of occurrence:
An update on outstanding receivables in the amount of NT 270,730 thousand
(CNY 61,000thousand) due from Damahua
6.Countermeasures:
1)For receivables of CNY 324 million from Quanzhou Fullshare Group,it has
refunded 10% of total investment amount,i.e., CNY 32.4 million,in
compliance with our contract before Apr.28,2017,and refunded 40% of
total investment amount,i.e.,CNY 129.6 million before Nov.13,2017.
The remaining receivables are 50% of the total investment amount,i.e.,
CNY 162 million. Shenzhen Damahua Investment Co., Ltd. agreed to
transfer the creditor's rights of CNY 162 million,The first transfer
payment CNY 30 million was paid on February 9, 2021, and CNY 25.5
million was paid on December 30, 2021, and CNY 25.5 million was paid
on March 11, 2022, and CNY 20 million was paid on June 30, 2022,
the remaining receivables are CNY 6,100 thousand.
2)Due to the repeated occurrence of the Covid-19 in China, this force
majeure factor has seriously affected the society, various industries
and Damahua operations. Damahua needs to retain some working capital,
therefore,Damahua proposed to the Company a plan for deferring the
repayment of the receivables.
3)The Audit Committee and the Board of Directors of the Company discussed
Damahua deferment plan today,principle through installment plan.According
to the payment of RMB 20 million on June 30, 2022, the payment of RMB 16
million on December 31, 2022, the payment of RMB 16 million on March 31,
2023, the payment of RMB 29 million on June 30, 2023 will be recovered in
installments .And RMB 20 million has been recovered on June 30,2022.The
Audit Committee and the Board of Directors also decided that the company
should negotiate with Damahua as soon as possible that the company's debt
preservation procedures should be added to the contract and submit the
latest land value assessment report.
4)After adding the company's debt protection procedures to the contract and
submitting the latest land value assessment report, the company will submit
it to the audit committee and the board of directors.
5)According to Article 14-4 of the Securities and Exchange Act and Article
218, Paragraph 1 and Article 224 of the Company Act,independent directors
must supervise and remind the management when they discover that the
company is in danger of major damage.The independent directors have indeed
supervised the progress of the collection of the receivables that have not
yet been collected by Damahua,and reminded the management of subsequent
measures.
7.Any other matters that need to be specified: None
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