Sino Grandness still negotiating to extend repayment of loan

Singapore

CHINA-BASED canned vegetable and fruits producer Sino Grandness Food Industry Group said it is still in negotiation with creditor and shareholder Soleado Holdings to extend the repayment of some US$22 million in debt.

In a Singapore Exchange filing on Thursday, the company said it is currently preparing to repatriate funds from China by way of dividend, a move which it said requires Chinese regulatory approval. It added it would make the necessary announcement as and when there is any material development.