Fang Finance News On July 4, Zhibang Home Furnishing announced that its wholly-owned subsidiary Zhibang Australia has received a total of A$3,152,926.21 in principal and interest from IJF Australia. So far, IJF Australia has fulfilled all debt principal and interest repayment obligations.
On July 12, 2018, the board of directors of Zhibang Home Furnishing reviewed and approved the "Proposal on Providing Financial Assistance and Related Transactions to Joint Stock Companies".
Since then, Australia Zhibang has provided financial assistance of AUD 2.9 million to its joint venture company IJF Australia. According to the agreement, the latter will repay the principal and interest before June 30, 2021.
However, since 2020, the world has been hit by the new crown epidemic, and the Australian economy has been greatly affected. In order to ensure a certain cash flow support, Zhibang Home Furnishing agreed to IJF Australia’s request for a one-year extension of repayment, repayment in installments, and elimination It has been repaid and the principal balance is A$2.5375 million.
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