Figtree Holdings says that it has entered a second debt transfer agreement with China Railway Construction Engineering Group (CRCE).
The second debt transfer agreement involves CRCE agreeing to sell and assign, and the subsidiary of Figtree to acquire, a further portion of the debt owed by Vibrant Pucheng, amounting to approximately RMB23,365,327 ($4,269,665.37) for a consideration of RMB 18,000,000.
The second assigned debt, which includes accrued interest and penalties, is part of the total sum of RMB 59,385,282 plus accrued interest and penalties relating to outstanding progress payments for the construction of the multi-modal logistics distribution centre in Chongqing, China.
Figtree’s subsidiary, New Vibrant, entered into a debt transfer agreement with CRCE on Jan 22, 2025, in which it agreed to acquire a portion of the relevant debt amounting to RMB37,200,000 for a consideration of RMB30,000,000.
The board believes that the transaction is in the best interests of the group, as it would result in a financial gain of RMB 5,365,327 as well as an entitlement to interest income going forward.
CRCE has agreed not to commence any enforcement proceedings against Vibrant Pucheng for the period commencing on the date of the Second Debt Transfer Agreement and ending on June 30, 2026.
See also: Keppel Pacific Oak US REIT obtains loan facility worth US$115 mil
Shares in Figtree closed 0.2 cents higher or 4.651% up at 4.5 cents on Dec 29.
