Tibet Water Resources : Discloseable Transactions Advance of Loans and Provision of Guarantees
05/10/2021 | 04:11am EDT
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Tibet Water Resources Ltd.
西 藏 水 資 源 有 限 公 司
(Incorporated in the Cayman Islands with limited liability)
(Stock code: 1115)
Discloseable Transactions
Advance of Loans
and
Provision of Guarantees
Advance of Loans and Provision of Guarantees
The Lenders, being wholly-owned subsidiaries of the Company, advanced or renewed certain loans to the Third Party Borrowers and two associated companies of the Company in 2019 and 2020 and provided guarantees for bank loans of an associated company of the Company for an aggregate amount of RMB170 million in 2020. As at 31 December 2020, the total outstanding amount of these loans owing by the Third Party Borrowers and an associated company of the Company were approximately RMB1,229 million and RMB34 million respectively, which were recognized as the other financial assets at amortised cost of the Group.
Implications under Listing Rules
As one or more of the applicable percentage ratios in respect of the advance and (where applicable) renewal of the Loans to each Third Party Borrower and an associated company of the Company, either on a standalone and/or on an aggregate basis, were 5% or more but less than 25%, the advance and/or renewal of the Loans to each Third Party Borrower and this associated company constituted discloseable transactions of the Company and were therefore subject to the reporting and announcement requirements under Chapter 14 of the Listing Rules.
− 1 −
As one of the applicable percentage ratios in respect of the advance and renewal of the Loans to another associated company of the Company and the provision of each of the guarantees either on a standalone and/or on an aggregate basis, was 5% or more but less than 25%, the advance and renewal of the Loans to this associated company and the provision of the guarantees constituted discloseable transactions of the Company and were therefore subject to the reporting and announcement requirements under Chapter 14 of the Listing Rules.
However, due to inadvertent oversight, the advance and (where applicable) renewal of the Loans and the provision of the guarantees have not been notified and announced by the Company in a timely manner in accordance with the Listing Rules which constituted a breach of Chapter 14 of the Listing Rules at the material time.
Remedial Actions
To prevent similar non-compliance from occurring, the Company has immediately taken steps to strengthen the internal controls over the procedures for all loan and guarantee transactions under Chapter 14 of the Listing Rules.
Advance of Loans and Provision of Guarantees
The particulars of the discloseable Loans and the guarantees are summarized as follows:
Loans to Borrower A
1.
Date of loan
31 December 2019
agreement:
2.
Principal amount:
RMB178,000,000(the aggregate of the principal amount
of RMB178,000,000 advanced on 31 December 2019 and
the principal amount advanced prior to 31 December 2019
and remaining outstanding as at 31 December 2019 was
RMB223,000,000)
3.
Interest rate:
10% per annum
4.
Term:
one year from the date of the loan agreement
5.
Security:
a pledge of 11.5% of Shannan Yalaxiangbu Company's
equity interests and Fudi Packaging's machinery
Such loans have been settled in full in 2020.
− 2 −
Loans to Borrower B
Date of loan 30 March 2020 31 December 2020 31 December 2020 agreement:
Principal RMB142,000,000 RMB70,000,000 RMB142,000,000 (the
amount:
total
principal
amount
advanced
on
30
March
2020
and
remaining
outstanding
as
at
31
December
2020
of
RMB142,000,000
was
renewed)
3.
Interest rate:
10% per annum
4.
Term:
one year from the dates of the respective loan agreements
Loans to Borrower C
1.
Date of loan
30 June 2020
31 December 2020
agreement:
2.
Principal
RMB210,905,000 RMB210,905,000 (the total principal amount
amount:
advanced on 30 June 2020 and remaining
outstanding as at 31 December 2020 of
RMB210,905,000 was renewed)
3.
Interest rate:
10% per annum
4.
Term:
one year from the dates of the respective loan agreements
Loans to Borrower D
1.
Date of loan
30 June 2020
1 July 2020
31 December 2020
agreement:
2.
Principal
RMB140,000,000
RMB66,700,000
RMB206,700,000
(the
amount:
total
principal
amount
advanced
on
30
March
and 1 July 2020 and
remaining
outstanding
as at 31 December 2020
of
RMB206,700,000
was renewed)
3.
Interest rate:
10% per annum
4.
Term:
one year from the dates of the respective loan agreements
− 3 −
Loans to Borrower E
1.
Date of loan
31 October 2019
31 December 2020
agreement:
2.
Principal
RMB41,600,000
(the
aggregate
RMB206,286,240
(the
total
amount:
of the principal amount of
outstanding principal amount of
RMB41,600,000 advanced on 31
RMB206,286,240
as at
31
October 2019 and the principal December 2020 was renewed)
amount advanced prior to 31
October 2019
and
remaining
outstanding as at 31 October
2019 was RMB324,286,016)
3.
Interest rate:
10% per annum
4.
Term:
one year from dates of the respective loan agreements
5. Security: a pledge of 26% of Shannan Yalaxiangbu Company's equity interests
The total outstanding principal amount of such loan has been settled in full as at the date of this announcement.
Loans to Borrower F
1.
Date of loan
9 January 2020
12 March 2020
31 December
31 December 2020
agreement:
2020
2.
Principal
RMB55,700,000
RMB82,540,000
RMB64,621,132
RMB138,240,000
amount:
(The
total
principal
amount advanced on 9
January and 12 March
2020
and
remaining
outstanding
as at
31
December
2020
of
RMB138,240,000
was
renewed)
3.
Interest rate: 10% per annum
4.
Term:
one year from the dates of the respective loan agreements
Approximately RMB69,000,000 of the principal amount of such loan is expected to be settled in full prior to 30 June 2021.
− 4 −
Loans to Borrower G
Date of loan 2 January 2020 31 December 2020 31 December 2020 agreement:
Principal RMB126,004,665 RMB63,848,982 RMB126,004,665 (the
amount:
total
principal
amount
advanced on
2
January
2020
and
remaining
outstanding
as
at
31
December
2020
of
RMB126,004,665
was
renewed)
3.
Interest rate:
10% per annum
4.
Term:
one year from the dates of the respective loan agreements
The total outstanding principal amount of such loan is expected to be settled in full prior to 30 June 2021.
Loans and guarantees to an associated company
Date of loan 6 May, 26 May and 31 December 2020 31 December 2020 agreement: 22 June 2020
Principal RMB60,710,000 RMB20,735,000 RMB13,710,000 (the
amount:
remaining
balance
of
the
loans advanced
during
the
period
between 6 May to 22
June
2020
which
remained outstanding as
at 31 December 2020 in
the
total
amount
of
RMB13,710,000
was
renewed)
Borrower: Fudi Packaging
Interest rate: 10% per annum
5. Term:
one year from the dates of the respective loan agreements
− 5 −
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Tibet Water Resources Ltd. published this content on 10 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 May 2021 08:10:28 UTC.
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