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Vibrant Group files 137.4m yuan claim against associated company
MAINBOARD-LISTED logistics player Vibrant Group : BIP +1.28%, through its subsidiaries, has filed 137.4 million yuan (S$26.8 million) in legal claims against Vibrant Pucheng Logistics (Chongqing), the group&rsquo s 31 per cent-owned Chinese associated company.
Vibrant Pucheng had failed to make repayments to three of the group&rsquo s subsidiaries upon demand, the group said on Wednesday (Jan 18). These subsidiaries are Vibrant Development (Changshu), New Vibrant (Jiangsu) Supply Chain Management, and Sinolink Financial Leasing.
New Vibrant Jiangsu, which is wholly owned by the group, had granted 177.6 million yuan in loans to Vibrant Pucheng via two 2020 loan agreements. It later assigned all its rights to receivables for 20 million yuan of said loan to Vibrant Development, effective Jan 1, 2021.
As a result of the assigned agreement, Vibrant Pucheng now owes New Vibrant Jiangsu a principal amount of 96.5 million yuan, and interest amounting to 4.3 million yuan.
Vibrant Development, which is 60 per cent-owned by the group, is now claiming 21.9 million yuan against Vibrant Pucheng, after the latter failed to make repayment upon demand. The amount comprises a principal loan amount of 20 million yuan and 1.9 million yuan in interest, calculated at the rate of 6 per cent per annum up to Jan 10, 2023.
Separately, New Vibrant Jiangsu is claiming 110.1 million yuan against Vibrant Pucheng. The amount comprises a principal loan amount of 96.5 million yuan, and interest amounting to 13.7 million yuan. Vibrant Pucheng had failed to make repayment in accordance with the loan agreements and the assignment agreements.
Meanwhile, Sinolink Financial, the group&rsquo s 51 per cent-owned subsidiary, is claiming 5.3 million yuan against Vibrant Pucheng failing repayment. The amount comprises the principal loan amount of five million yuan, and interest amounting to 324,166.66 yuan.
There may be a material impact on Vibrant Group&rsquo s financial performance for the current financial year ending Apr 30, 2023 if it does not succeed in the claims or fail to fully recover the amounts owed. The group, however, is currently unable to quantify any financial impact.
hmm
Still no news
Patrick48 ( Date: 11-Jul-2018 15:06) Posted:
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HALT???
One more week, announcement on result and big dividen payout. Don?t miss the boat.
Break 40cts now.
Too good to be true
Hope so!
reddot ( Date: 27-Oct-2016 00:40) Posted:
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This one ai lai Liao. 35% joint venture with GSH Plaza.
script dividend at 33cts...today share price is trading at around 34cts with low volume...think better collect cash as dividend
Today announcement dividend to be paid on 20oct16
There is no news when they are given out the dividends. I wonder whether they have cash to pay the dividends since their gearing is high at 115%.
nihc13 ( Date: 02-Sep-2016 09:05) Posted:
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Today xd )
Their gearing is very high which is about 115%. They have no problem to service their loans that mature this year. However, I wonder how they service their loans that mature in 2017. The BOD have to deleverage some of their assets to redeem loans. The question now is that are they able to sell their assets with good margin if not then how they going to refinance their debts. I doubt the banks will not easily refinance their debts due next year. The net cash now stands at about $20m
nihc13 ( Date: 29-Aug-2016 00:12) Posted:
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I miss that...tqvm
60% of #139 Cecil St accounts for the 75m
The private [email protected] raises approx 10mil.....where did the balance of 75mil come from? I might have miss out...kindly help to enlighten, tks!
The CEO has done a great job once again. Within a short span of time, he brought in 2 China investors who pumped in total 85 million. Perhaps the EDB should award Vibrant...
Private placement of 26m shares @ 0.38 without div...Although miles away, he has set sight on Vibrant...
Long or shot - you decide.
anyone attending the up coming AGM(30aug) please help to update, tks!
Interesting to note the drop of price to 0.38 on 15, 16 & 17 Aug and on 18 Aug, private placement of 26m shares were placed at 0.38 and now the price went back to 0.40......., placee is GM of Shanghai Western Investment Management Co Ltd from Jiangyin, where Vibrant is having government property development project. Co is also raising funds via Panda Bond in China of not more than RMB 1b in Jun 2106as well as selling shares in subsidairy which owned Cecil House. With all these transactions, looks like the coming Q report will be fairly interesting to note. Better prepare some questions to ask the management in this coming AGM.
nihc13 ( Date: 18-Aug-2016 22:28) Posted:
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