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Nam Tai Property (OTC: NTPIF) has secured a RMB 110.0 million mortgage loan from Shenzhen Rural Commercial Bank (SRCB) with an eight-year maturity and approximately 4.4% annual blended rate. The loan is secured by the company's Inno Valley property, a 22-year-old industrial factory park in Bao'an District, Shenzhen.
This financing milestone follows the company's successful upgrade to the highest status in China's five-tier banking credit system and regaining full control of its on-shore assets. The loan's competitive terms, particularly considering Inno Valley's 'green property ownership certificate,' demonstrates renewed access to commercial banking financing in China.
Nam Tai Property currently maintains two industrial complex projects in Shenzhen: one in Guangming and one in Bao'an.
Nam Tai Property (NTPIF) announced two significant developments: First, its reconstituted Board and new management have gained full control over the company's on-shore assets in China, including corporate seals and business licenses of subsidiaries. Second, the company has reached a global settlement with Greater Sail (GSL), a Kaisa Group Holdings subsidiary, resolving all outstanding disputes across Hong Kong, British Virgin Islands, and China.
The company also disclosed settlements with UBS (formerly Credit Suisse) regarding a terminated supply chain fund, and with West Ridge Investment Company concerning a void 2020 private investment in public equity (PIPE) transaction. Nam Tai Property currently has 58,002,366 shares outstanding.
Nam Tai Property Inc. (NTPIF) secured a significant legal victory as a Hong Kong arbitrator dismissed a $146.9 million claim from Greater Sail Limited (GSL) and accepted counterclaims from the Company. This ruling enables Nam Tai to potentially access $89 million currently frozen in a Credit Suisse account. The arbitration stemmed from a 2020 PIPE transaction that was previously voided due to improper actions by prior directors. In light of liquidity challenges, Nam Tai is pursuing capital-raising options, including a recent securities agreement that generated $15.4 million from the sale of stocks at $1.75 each. This funding, alongside amendments to a $20 million debt facility, aims to strengthen the Company’s financial position and facilitate ongoing efforts for onshore control over its Chinese subsidiaries.
Nam Tai Property Inc. (NTPIF) has announced significant updates, including the resignation of directors Cindy Chen Delano, Leung Lin Cheong, Zhou Chongqing, and Mark Waslen, effective December 2022. The company also amended its Shareholder Rights Plan, reducing the control acquisition threshold from 20% to 10% and extending the expiration to December 13, 2023. This amendment aims to protect shareholder rights and interests. No disagreements were noted between the resigning directors and the company. Forward-looking statements warn of potential risks affecting future performance.
Nam Tai Property Inc. (NYSE:NTP, OTC: NTPIF) announced corporate updates focusing on its legal strategies to regain on-shore control in China. The company has secured injunctions against former executives and is pursuing claims against Kaisa Group. However, ongoing litigation poses challenges, with a bank notifying Nam Tai of loan acceleration due to past management issues totaling $81 million. Additionally, the NYSE has initiated delisting proceedings for not filing its 2021 Form 20-F, with shares currently suspended. The company aims to address these issues while continuing to navigate the complexities of its financial landscape.
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