Baiyang Group's Mauritanian unit settles tax bill as guarantees rise

Baiyang Investment Group's subsidiary, Ri Sheng Ocean Resources Development Co., Ltd., recently paid MAD 3,213,200 in overdue taxes and late payment fees to Mauritanian tax authorities. This payment, resulting from a tax policy adjustment for the 2023 corporate income tax, included MAD 1,715,600 for corporate income tax, MAD 349,000 for labor company individual income tax, and MAD 753,700 for non-resident income tax withholding, plus MAD 394,900 in late fees. The company anticipates a MAD 1,857,200 impact on its 2025 net profit attributable to shareholders.

Concurrently, Baiyang Investment Group announced that its wholly-owned subsidiary, Guangxi Baiyue Animal Husbandry Development Co., Ltd., provided a joint and several liability guarantee for the parent company's RMB 100,000,000 comprehensive credit line with China Everbright Bank Nanning Branch. This guarantee falls within the previously approved RMB 889,500,000 total guarantee limit for wholly-owned subsidiaries.

As of the disclosure date, Baiyang Investment Group and its controlling subsidiaries' total external guarantee amount is RMB 544,000,000, with the actual external guarantee balance, including the new guarantee, reaching RMB 582,656,900. This represents 43.80% of its net assets as of December 31, 2024.