Announcement on the resolution of the board of directors
of the company on the deferral of receivables of Damahua.
Date of events
2022/07/08
To which item it meets
paragraph 51
Statement
1.Date of occurrence of the event:2022/07/08
2.Company name:Grand Ocean Retail Group Limited
3.Relationship to the Company (please enter "head office" or
"subsidiaries"):head office
4.Reciprocal shareholding ratios:Not applicable
5.Cause of occurrence:
1)Due to the repeated occurrence of the Covid-19 in China, this
force majeure factor has seriously affected the society, various
industries and Damahua operations. Damahua needs to retain some
working capital,therefore,Damahua proposed to the Company a plan
for deferring the repayment of the receivables. The original
receivables of Damahua amounted to RMB 162 million, and the
accumulated repayments were RMB 101 million. The remaining
receivables of the Company remained at RMB 61 million.
2)The Audit Committee and the Board of Directors of the Company
discussed Damahua deferment plan today,principle through installment
plan.According to the payment of RMB 20 million on June 30, 2022,
the payment of RMB 16 million on December 31, 2022, the payment of
RMB 16 million on March 31,2023, the payment of RMB 29 million on
June 30, 2023 will be recovered in installments .And RMB 20 million
has been recovered on June 30,2022.The Audit Committee and the Board
of Directors also decided that the company should negotiate with
Damahua as soon as possible that the company's debt preservation
procedures should be added to the contract and submit the latest land
value assessment report.
6.Countermeasures:
After adding the company's debt protection procedures to the contract
and submitting the latest land value assessment report, the company
will submit it to the audit committee and the board of directors.
7.Any other matters that need to be specified:None
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Grand Ocean Retail Group Ltd. published this content on 08 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 July 2022 06:43:06 UTC.
Grand Ocean Retail Group Limited is a Taiwan-based company mainly engaged in the operation of department store retail business. The Company operates in two business segments. The Department Store segment is engaged in the department store retail business. The Investment segment is engaged in the investment funds, stocks and derivative financial products related business. The Company's main business products include clothing, jewelry, cosmetics, footwear, sporting goods as well as household goods, among others. The Company mainly operates its business in second and third-tier cities in China, including Nanjing, Wuhan, Chongqing, Xiâan, Fuzhou, Suzhou, Quanzhou, Xiangtan, Hengyang, Yichang and Hefei. Its terminal customers are primarily consisted of general consumers. The Company generated its revenue from the counters associated operations, counters direct operations, and rents and other income.
GRAND OCEAN RETAIL GROUP LTD. 