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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Agritrade Resources Limited    1131   BMG0130N1130


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ING, Maybank top creditors of distressed Singapore commodity firm Agritrade - document

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03/02/2020 | 05:42am EDT
The logo of ING bank is pictured at the entrance of the group's main office in Brussels

ING and Malayan Banking Bhd (Maybank) were the top creditors of Singapore commodity trader Agritrade International, which was last month placed under interim judicial management.

Documents reviewed by Reuters showed Malaysia's Maybank tops the list of secured lenders to Agritrade with $118 million owed to it, with Dutch bank ING owed $100 million.

The trading company has $1.55 billion in outstanding liabilities to dozens of creditors, including $983 million owed to secured lenders, an affidavit by Agritrade's chief executive officer Xinwei Ng dated Jan. 16, showed.

A Maybank spokesman declined to comment on specific clients but said that it "has a stringent provisioning policy in place and takes appropriate measures as and when required to manage the asset quality of our entire credit portfolio".

ING declined to comment.

In February, ING said provisions for bad loans rose in its fourth quarter, due in part to what it said was a single provision for a fraud case at a customer in Asia. ING did not disclose the identity of the customer.

French, Indian, Italian, Japanese, Chinese, the United Arab Emirates and Korean banks, along with 10 private funds are among Agritrade's other creditors, according to the list, which also included some global commodity traders.

Agritrade said in the affidavit it ran into financial problems around 2018 amid a declining commodities market and its funding issues were compounded after many banks halted funding.

"This situation was exacerbated by the sudden withdrawal of numerous credit lines by several of the company's bank lenders," Ng said, adding that the situation affected Agritrade's liquidity and its ability to fulfil its future commitments.

Agritrade International is the parent company of Hong Kong-listed Agritrade Resources Ltd. The firm was placed under interim judicial management in February after the court dismissed an application for a debt moratorium.

Consulting firm EY told Reuters that the Singapore court had appointed its partners Angela Ee and Aaron Loh as interim judicial managers of Agritrade International.

Agritrade International said its primary assets are in the form of trade receivables and its shares in Agritrade Resources, according to the documents.

Agritrade International and Agritrade Resources did not respond to a request for comment.

By Anshuman Daga and Roslan Khasawneh

Stocks mentioned in the article
ChangeLast1st jan.
AGRITRADE RESOURCES LIMITED -2.35% 0.083 End-of-day quote.-85.69%
ING GROEP N.V. -0.67% 6.405 Delayed Quote.-39.67%
MALAYAN BANKING -0.42% 7.15 End-of-day quote.-17.25%
THE GLOBAL LTD. -2.16% 226 End-of-day quote.-52.02%
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Sales 2019 1 905 M 246 M 246 M
Net income 2019 1 068 M 138 M 138 M
Net Debt 2019 2 388 M 308 M 308 M
P/E ratio 2019 8,02x
Yield 2019 0,38%
Capitalization 529 M 68,3 M 68,3 M
EV / Sales 2018 3,61x
EV / Sales 2019 5,60x
Nbr of Employees 1 375
Free-Float 31,5%
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Kin Wai Siu Independent Non-Executive Director
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