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Sino Grandness Food remains locked in negotiation over US$22m claim
CHINESE canned vegetable and fruit producer Sino Grandness Food remains locked in negotiation with lender Soleado Holdings, which has again served a letter of demand over a sum of about US$22 million, it said on Wednesday.
The sum refers mainly to the outstanding convertible loan principal amount, default interests payable and reimbursement of the amount of all costs and legal expenses, and includes default interest accruing at 15 per cent per annum, as well as associated fees, costs and expenses. The lender wants payment two weeks from now.
The company has remitted S$34,958 to cover legal fees and reimbursement of the amount of all costs and legal expenses to Soleado and remains in negotiation with the lender.
Shares of Sino Grandness closed on Wednesday at S$0.103, down 0.2 Singapore cents.