Thoresen Thai Agencies Public Company Limited announced that the progress of the principal repayment of the loan amounting to USD 20 million from Sino Grandness Food Industry Group Ltd. (the "Borrower" or "SGFI"). Thoresen Thai Agencies Public Company Limited (the "Company") announced that as at 31 December 2021, Soleado Holdings Pte. Ltd. (the "Lender" or "Soleado"), a wholly owned subsidiary of the Company, had not received the principal repayment and interest since 16 August 2019 from the Borrower.

The Lender had previously agreed to forbear from taking any action to claim or enforce the obligations of the Borrower to repay the amounts due to the Lender. This forbearance expired on 31 December 2019. The Lender is still negotiating for the repayment of all outstanding sums. The Borrower had informed the Lender that the Borrower has been trying to raise additional funding from various sources in order to, among other things, satisfy the outstanding sums. However, according to the Borrower, this initiative had been delayed due to, among other things, the novel coronavirus pandemic ("Covid-19").

The Lender continues to be in dialogue with the Borrower in relation to various options for repayment by the Borrower. In the event that the Lender and the Borrower are unable to mutually agree on a repayment plan for the outstanding sums, the Lender has notified the Borrower that it may have to consider taking appropriate action in accordance with the law to recover the outstanding sums. Due to going concern ability of SGFI as well as the expected length and complication of any recovery process, the Group therefore provided full provision for the loan to and investment in SGFI by providing additional allowance of THB 87.2 million and THB 43.8 million, respectively, during the year ended 31 December 2021.