Baode International Development (00372) announced that Guangxi Guangming Terminal Storage Co., Ltd. (Guangming), an indirect non-wholly-owned subsidiary of the company, and Lianwei (Shanghai) Financial Leasing Co., Ltd. (Lianwei) have entered into a mediation agreement (mediation agreement) dated February 22, 2024 to revise the term of the financial lease and the payment period for the remaining rent and lease settlement purchase price under the financial lease.
The parties to the conciliation agreement have agreed (among others) to amend the term of the financial lease from May 10, 2017 to December 30, 2025; and that the remaining amount of the financial lease will be paid in accordance with the payment schedule set out below. According to the terms of the mediation agreement, on the date of the mediation agreement, the total remaining amount payable under the financial lease amounts to RMB 117 million (remaining amount), including the remaining rent of RMB 117 million and the settlement purchase price of the lease rights of RMB 100 million.
According to the mediation agreement, if Guangming fails to reach its repayment liability on December 30, 2025, Guangming shall pay Lianwei a delay penalty calculated at a daily interest rate of 0.03% to repay all remaining outstanding amounts.