Sincere Navigation Corporation

05/18/2022 | Press release | Distributed by Public on 05/18/2022 00:20

Announcement of Elroy Maritime Service Inc. Improving plan for the Loaning Policy.

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Provided by: SINCERE NAVIGATION CORPORATION
SEQ_NO 1 Date of announcement 2022/05/18 Time of announcement 14:16:34
Subject 
 Announcement of
Elroy Maritime Service Inc.
Improving plan for the Loaning Policy.
Date of events 2022/05/18 To which item it meets paragraph 51
Statement 
1.Date of occurrence of the event:2022/05/18
2.Company name:Elroy Maritime Service Inc.
3.Relationship to the Company (please enter "head office" or
  "subsidiaries"):Subsidiaries
4.Reciprocal shareholding ratios:100% Subsidiary of the Company
5.Cause of occurrence:
(1)In accordance with the letter of FSC on May 9, 2022 to
   draw up improvement plan, to report the improvement plan
   to the latest Board of Directors meeting,
   and make announcement.
(2)The amount of capital loans to Elroy Maritime Service Inc.
   on 2022/3/31 is over the limit to individual counterparty.
   In accordance with Article 16 of Regulations Governing Loaning
   of Funds and  Making of Endorsements/Guarantees by Public
   Companies, improvement plan shall be made and announce within 10
   days.
6.Countermeasures:
 Norley Corporation Inc., the parent company
 of Elroy, has capital injection USD 180,000
 to Elroy.
 After capital injection, the net value of Elroy was
 NTD 10,298 (thousands) on 2022/4/30. and the capital
 loan was within the limit.
7.Any other matters that need to be specified:None.