Guolian Aquatic guarantees $10m for subsidiary, total guarantees exceed $400m

Zhanjiang Guolian Aquatic Products Development Co. Ltd. (Guolian Aquatic) has announced a new guarantee for its wholly-owned subsidiary, Zhanjiang Guolian Aquatic Products Development Co. Ltd. The $10 million guarantee supports the subsidiary's application for a comprehensive credit line from China CITIC Bank, Zhanjiang Branch.

This latest guarantee brings Guolian Aquatic’s total outstanding guarantees to $408,564,800, representing 22.29% of its latest audited net assets.

The decision follows approvals at the company's sixth board of directors' twelfth meeting and the 2024 annual general meeting. These meetings authorized a total guarantee quota of up to $120 million for the subsidiary's comprehensive credit lines. This new guarantee is a joint liability guarantee, valid for three years from the maturity of the primary contract's debt performance period.

All of Guolian Aquatic’s current guarantees are for its wholly-owned and controlled subsidiaries. The company states there are no overdue external guarantees or those involved in litigation, and no losses incurred from judgments in litigation related to guarantees.