Today's Information

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.