Financial Independence. During the Track Record Period and up to the Latest Practicable Date, we have established our own finance department with a team of financial staff, who are responsible for financial control, accounting, reporting, group credit and internal control functions of our Company, independent from our Single Largest Shareholders Group. We can make financial decisions independently and our Single Largest Shareholders Group do not intervene with our use of funds. We have also established an independent audit system, a standardized financial and accounting system and a complete financial management system. During the Track Record Period and up to the Latest Practicable Date, we entered into various facility agreements and loan agreements with certain banks (“Lending Banks”), pursuant to which we obtained loans from the Lending Banks which were secured by personal guarantees provided by some of our members of the Single Largest Shareholders Group and/or their spouses, namely Xx. Xxxx, Xx. Xx (the spouse of Xx. Xxxx), Mr. Xxx and his spouse. These loans were generally used for supplementing the working capital of the Group, payment of procurement costs and/or other financial needs in the ordinary and usual course of our business operation. As of the Latest Practicable Date, (i) the guarantees provided by the members of our Single Largest Shareholders Group and/or their spouses with respect to credit facilities in the aggregate amount of approximately RMB300.0 million granted by the relevant Lending Banks will be released prior to the [REDACTED] as agreed by the relevant banks; and (ii) the remaining loans in the aggregate amount of approximately RMB38.0 million secured by the guarantees provided by the members of our Single Largest Shareholders Group and/or their spouses will be fully repaid prior to the [REDACTED]. In addition, we had been capable of obtaining financing from third parties without relying on any guarantee or security provided by the members of our Single Largest Shareholders Group or their respective associates. Based on the above, our Directors are of the view that we will be able to maintain financial independence from our Single Largest Shareholders Group and its close associates after the [REDACTED]. Our Directors recognize the importance of good corporate governance in protecting our Shareholders’ interests. We have adopted the following measures to safeguard good corporate governance standards and to avoid potential conflict of interests between...
Financial Independence. Reduces reliance on foreign currencies, promoting stability in bilateral trade. On November 23, 2023, the Reserve Bank of India (RBI) and the Maldives Monetary Authority (MMA) signed an MoU in Mumbai to establish a framework for promoting the use of the Indian Rupee (INR) and the Maldivian Rufiyaa (MVR) in cross-border transactions. This agreement, signed by RBI Governor Xxxxxxxxxxx Xxx and MMA Governor Xxxxx Xxxxxxx, is designed to encourage the use of INR and MVR for: • Current Account Transactions: Payments for goods and services. • Permissible Capital Account Transactions: Investments and financial flows.
Financial Independence. All loans, securities and guarantees due to and from our Founder, XXXX, and their respective associates have been released in full. As such, our Directors believe that we are financially independent from SAIF, our Founder, and their respective associates. Our Directors are of the opinion that the Board is able to manage our businesses independently from the Other Businesses and the corporate governance system adopted by our Board would provide strong support to our independent management. Please see the paragraph headed “Corporate Governance” below for further information of our corporate governance measures. We have adopted the following corporate governance measures, to manage conflicts of interest, if any, between the Group and the Other Businesses and the Excluded Companies: Our Board currently consists of ten Directors, including three executive Directors, four non-executive Directors and three independent non-executive Directors. Except for the three independent non-executive Directors, five of our Directors are nominated by Shareholders other than Xx. Xx and none of our Directors is nominated by Xx. Xx Xxxxxxxx other than himself. In the event of change of a Director to the Board, the aggregate number of Directors who are not nominated by Xx. Xx or Xx. Xx Xxxxxxxx shall always constitute a majority of our Board. We have established an audit committee and a remuneration committee. Currently all members of the audit committee are independent non-executive Directors and the independent non-executive Directors also constitute a majority of the remuneration committee. In the event of change of a member to the audit committee and the remuneration committee, the audit committee shall be comprised solely of independent non-executive Directors and no less than majority of the remuneration committee shall be made up of independent non-executive Directors.
Financial Independence. At what age do you plan to be financially independent?
Financial Independence. Except as may be otherwise agreed by the Parties, in writing, the Company shall be entirely self-financing and shall obtain all funds required for its operations without recourse to, or credit support provided by, either Party. In the event that either Party elects to provide a guarantee or other form of credit support to the Company, which it may elect to do or not to do in its sole discretion, such Party may condition such guarantee or credit support upon the written agreement of the other Party to reimburse a pro rata share of amount paid by such Party in respect thereof in proportion to such other Party’s Company Interest.
Financial Independence. In no event will LSU be responsible for any debts or the payment of any debts incurred by either Tiger or Shorelight.
Financial Independence. Our Company has an independent financial system and makes financial decisions according to our own business needs. Historically, our Group has obtained certain advances from EscoCom, a Controlling Shareholder of our Company. As at June 30, 2022, the outstanding advances from EscoCom was approximately S$3.0 million. Such advances will be settled before [REDACTED]. As of the Latest Practicable Date, other than the above advances, none of our Controlling Shareholders and their close associates had provided any direct or indirect financing for our operations or any credit support (whether by way of guarantees or otherwise) in respect of any financing obtained by us from third party sources. Upon [REDACTED], our Directors believe that our Company will be able to obtain further financing, if necessary, upon market terms and conditions without relying on financial assistance or credit support from our Controlling Shareholders and their close associates. Based on the above, our Directors are of the view that we are able to operate financially independently from our Controlling Shareholders.
Financial Independence. The Target Group has its own accounting systems, accounting and finance department, independent treasury function for cash receipts and payments and it makes financial decision according to its own business needs. The Target Group has independent internal control and accounting systems. It is capable of obtaining financing from third parties, if necessary, without reliance on the Controlling Shareholders. During the Track Record Period, Xx. Xxxx Xxxx provided guarantees in respect of certain bank borrowings by the Target Group. See Note 29 of the Accountants’ Report of the Target Group in Appendix I to this circular for further details. All such guarantees will be released upon Closing.
