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Provided by: GIGASTORAGE CORPORATION | |||||
SEQ_NO | 1 | Date of announcement | 2022/03/31 | Time of announcement | 14:44:47 |
Subject | Announcement for the rectification plan of loan balance exceeds the limit on behalf of subsidiary | ||||
Date of events | 2022/03/31 | To which item it meets | paragraph 51 | ||
Statement | 1.Date of occurrence of the event:2022/03/31 2.Company name:Merchant Energy PTE.Ltd. 3.Relationship to the Company (please enter "head office" or "subsidiaries"):Subsidiary 4.Reciprocal shareholding ratios:NA 5.Cause of occurrence: In accordance with the instruction,Jin-Guan-Zheng-Shen-Zi No.1080341298, issued by FSC on Jan. 9, 2020, as the month end of Nov. 2019, the loan balance of Merchant to Sunshine Solar, USD 4,700 thousand(about NTD 143,350 thousand), already exceed the limit of individual fund lending NTD 137,132 thousand. The Company should adopt a rectification plan, announce the implementation status quarterly and report to the board of directors quarterly,also report the implementation status to the shareholders meeting. 6.Countermeasures: 1.Due to lack of administrative efficiency on local government and climatic factors, caused the delay on the power plant construction project. Merchant recognized investment losses resulting in net worth decline. As a result, the limit of individual fund lending drop down. The loan balance exceed the limit. Subsidiary already adopt rectification plan, Sunshine Solar will sell its assets or equity to pay off the loan. 2.As of Mar.31, 2022, the rectification plan does not finish due to the assets or equity of Sunshine Solar has not sell yet. 7.Any other matters that need to be specified: None. |
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Gigastorage Corporation published this content on 31 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2022 06:55:08 UTC.