Figtree Holdings' (SGX:5F4) associate company, Vibrant Pucheng Logistics, was ordered by a Chinese court to repay about 29.6 million yuan to Zhejiang Province Asset Management in connection with loan facilities granted to the associated company, a filing with the Singapore Exchange said on Monday.
The amount includes the principal sum of 29.0 million yuan, interest totaling 264,556 yuan, default interest of 377,265 yuan, and compound interest of 1,008 yuan.
Vibrant Pucheng was also ordered to pay additional default interest and compound interest of about 3.8 million yuan, compensation for breach of contract amounting to 100,000 yuan, and legal fees of 10,000 yuan.
If Vibrant Pucheng fails to make the payments, all outstanding amounts will be secured against a property owned by Vibrant Pucheng, valued at approximately 407.4 million yuan.
The associate company plans to appeal the additional default interest, compound interest, and breach of contract compensation and is seeking legal advice on the matter.
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