Sino Grandness

For the purpose of application for dividend repatriation from China, the applicant is required to submit the following documents to supports it’s application inter alia 
a) Tax payment certificate and tax declaration form; 
b) An audit report on the profits, dividends and bonuses of the current year issued by an accounting firm; 
c) Resolutions of the board of directors concerning profits or dividends and bonus distribution; 
d) Foreign exchange registration certificate for foreign-invested enterprises; 
e) Capital verification report provided by an accounting firm; and 
f) Other materials required by the SAFE office. 

With the shareholders general meeting approving for the dividend declaration required by SAFE office during the application, the dividend repatriation from China could only be used to pay dividend to the shareholders as resolutions passed in the general meeting. 

The management is aware of the above requirements by the SAFE office, has no other alternatives but to apply to the SAFE office without the complete documentations required, given the default in loan repayment conditions of the Company.
https://links.sgx.com/FileOpen/Sino%20Gr...eID=635986

Stay home and stay safe, everyone.

Sino Grandness 
The Company would like to update shareholders that the Company has requested for SGX to extend the trading halt until 4 December 2020 (the “Extension”). The reason for the Extension is so that the Company can conduct negotiations with various parties to address the going concern issues.
https://links.sgx.com/FileOpen/Sino%20Gr...eID=640838

Stay home and stay safe, everyone.

(30-11-2020, 08:55 AM)¯|_(ツ)_/¯ Wrote: Sino Grandness 
The Company would like to update shareholders that the Company has requested for SGX to extend the trading halt until 4 December 2020 (the “Extension”). The reason for the Extension is so that the Company can conduct negotiations with various parties to address the going concern issues.
https://links.sgx.com/FileOpen/Sino%20Gr...eID=640838

Stay home and stay safe, everyone.

sound like going towards suspension

Sino Grandness -

Question 6 Is the Company's cash real? Was there ever any intention to repay the loans? This has been going on for years even before COVID. No excuses please. 

Company’s Response to Question 6 
As at 31 December 2019, the cash and bank balances of the Group was RMB 600.2 million. The auditor had conducted the following audit procedures to verify the existence of the cash and bank balances.
https://links.sgx.com/FileOpen/Sino%20Gr...eID=641448

Stay home and stay safe, everyone.

Frankly I am pretty impressed that they could actually last into 2020

Sino Grandness
The current compositions of the Audit Committee, Remuneration Committee and Nominating
Committee are as follows:-
Audit Committee
Mr Lai Jingwei (Member)
Remuneration Committee
Mr Lai Jingwei (Member)
Nominating Committee
Mr Lai Jingwei (Chairman)

The Audit Committee, Nominating Committee and Remuneration Committee comprising only 1 member.

According to the Terms of Reference of the Audit Committee, Nominating Committee and Remuneration Committee, the quorum of the meeting is at least 2 committee members attending the meeting. In view of the insufficient quorum for a meeting, the Audit Committee, Nominating Committee and Remuneration Committee are unable to adequately function.

https://links.sgx.com/FileOpen/Sino%20Gr...eID=644579

Stay home and stay safe, everyone.

So dramatic. Its CFO resigned.
Reason given was lack support from prc management and finance dept. Repeatedly delayed in salary payment with outstanding salary unpaid.

Management Reply:
Did not fail to cooperate. the bank which pays wages is in a frozen state and management is dealing with it.


https://links.sgx.com/1.0.0/corporate-an...5dbc9078f6

Another suspension akan datang

Sino Grandness
https://links.sgx.com/1.0.0/corporate-an...9986dea09e

I had thought that Goldman Sach was always the principal (holder of the CBs) rather than security agent (ie. the middle man representing the lenders). But it probably sounds closer to what GS will do though - always be the agent to earn the fees regardless of outcome, rather than taking unidirectional principal risks.

RECEIPT OF LETTER OF DEMAND

The board of directors (the “Board”) of Sino Grandness Food Industry Group Limited (the “Company”, and together with its subsidiaries, the “Group”) wishes to announce that the Company had on 1 July 2024, received a letter of demand (the “Letter of Demand”) dated 28 June 2024 from Goldman Sachs Investments Holdings (Asia) Limited (the “Existing Security Agent”) in relation to alleged outstanding amounts due and payable by Garden Fresh (HK) Fruit & Vegetable Beverage Co., Limited (“Garden Fresh HK”) (a wholly-owned subsidiary of the Company)

https://links.sgx.com/FileOpen/Sino%20Gr...eID=808577