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    NTPIF   VGG639071023

NAM TAI PROPERTY INC.

(NTPIF)
  Report
Delayed OTC Markets  -  03:48:43 2023-02-06 pm EST
1.510 USD   +4.14%
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Nam Tai Property : Announces the Demand Letter from a Lender

03/17/2021 | 08:46am EST

NAM TAI PROPERTY INC.

Announces the Demand Letter from a Lender

SHENZHEN, PRC - March 17, 2021 -Nam Tai Property Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTP) today announced that on March 15, 2021, one of the Company's subsidiaries (the "Borrower") received a demand letter dated of the same day (the "Demand Letter") from The Industrial Bank Co., Ltd., Shenzhen Branch (the "Lender"), regarding payment under a working capital facility contract entered into by and between the Lender and the Borrower on September 27, 2019 (the "Loan Agreement"). The Lender indicated in the Demand Letter that due to potential changes in the board of directors of the Company relating to its recent litigation in the British Virgin Islands, they are making demand upon the Borrower for payment in full of amounts due under the Loan Agreement before March 18, 2021, which is RMB27.50 million ($4.23 million) in principal as at March 10, 2021 (the "Amount Due"). The Company will continue to negotiate with the Lender on this matter, including contesting the Demand Letter, and there is no certainty that a resolution satisfactory to the Lender can be worked out.

Forward-looking Statement and Factors that Could Cause our Share Price to Decline

Certain statements included in this announcement, other than statements of historical fact, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "might", "can", "could", "will", "would", "anticipate", "believe", "continue", "estimate", "expect", "forecast", "intend", "plan", "seek", or "timetable". These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business and the industry in which we operate. These statements are only predictions based on our current expectations about future events. There are several factors, many beyond our control, which could cause results to differ materially from our expectation. These risk factors are described in our Annual Report on Form 20-F and in our Current Reports filed on Form 6-K from time to time and are incorporated herein by reference. Any of these factors could, by itself, or together with one or more other factors, adversely affect our business, results of operations or financial condition. There may also be other factors currently unknown to us, or have not been described by us, that could cause our results to differ from our expectations. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. You should not rely upon forward-looking statements as predictions of future events. These forward-looking statements apply only as of the date of this announcement; as such, they should not be unduly relied upon as circumstances change. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstance occurring after the date of this announcement or those that might reflect the occurrence of unanticipated events.

ABOUT NAM TAI PROPERTY INC.

We are a real estate developer and operator, mainly conducting business in Mainland China. Our main land resources are located in the Guangdong-Hong Kong-Macao Greater Bay Area ("Greater Bay Area") and Wuxi, China, of which the three plots in Shenzhen will be developed into Nam Tai Inno Park, Nam Tai Technology Center and Nam Tai Inno Valley. We plan to build these technology parks into landmark parks in the region and provide high-quality industrial offices, industrial service spaces and supporting dormitories to the tenants. Based on the experience of developing and operating technology parks and an industrial relationship network accumulated over the past 40 years, we have also exported the operation model of technology parks to other industrial properties. Through an asset-light model, we have leased industrial properties for repositioning and business invitation. We will also expand the commercial and residential property business in China as an auxiliary development strategy of the Company. As the growth prospects of China maintain, we shall seize development opportunities in the Greater Bay Area and other first- and second-tier cities in China, and continue to strengthen and expand the business of industrial real estate, and commercial and residential properties. Nam Tai Property Inc. is a corporation registered in the British Virgin Islands and listed on the New York Stock Exchange (Symbol: "NTP"). Please refer to our corporate website (https://www.namtai.com/) or the SEC website (www.sec.gov) for our press releases and financial statements.

Contacts

Media and Investor Relations Department Nam Tai Property Inc.

E-mail: ir@namtai.com.cn

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Disclaimer

Nam Tai Property Inc. published this content on 17 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 March 2021 13:15:01 UTC.


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Financials (USD)
Sales 2020 71,2 M - -
Net income 2020 15,7 M - -
Net Debt 2020 72,2 M - -
P/E ratio 2020 10,8x
Yield 2020 -
Capitalization 161 M 162 M -
EV / Sales 2019 96,3x
EV / Sales 2020 5,31x
Nbr of Employees 111
Free-Float 56,9%
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Managers and Directors
Yu Chunhua Chief Executive Officer
Steven Parker Chief Financial Officer
Michael Cricenti Chairman
Peter R. Kellogg Independent Non-Executive Director
Bo Hu Independent Director