Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.7.0.1
Subsequent Events
3 Months Ended
Mar. 31, 2017
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 16 – SUBSEQUENT EVENTS

 

On April 13, 2017, the Company’s Board of Directors declared a cash dividend of $0.01 per share to the Company’s holders of ordinary shares of record on April 30, 2017.

 

On April 18, 2017, the Company repaid a short-term bank loan of $4,500,000 to China Development Bank in accordance with the loan repayment schedule

 

On April 26, 2017, the Company signed a loan agreement with National Development Bank and borrowed $3.5 million from the bank. The loan is due on April 25, 2018 with variable annual interest rate based on LIBOR plus 230 basis points (3.7232% at April 26, 2017), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.7 million (RMB 4.9 million) and collateralized by Pingtan Fishing’s 4 fishing vessels.