Annual report pursuant to Section 13 and 15(d)

Subsequent Events

v2.4.1.9
Subsequent Events
12 Months Ended
Dec. 31, 2014
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 19 – SUBSEQUENT EVENTS

 

On January 15, 2015, Pingtan Fishing has withdrew purchase agreements with third parties property developers for three commercial retail spaces in China entered during 2014 and related prepayments of $22,488,003 were refunded in full.

 

On January 13, 2015, the Company’s Board of Directors declared a cash dividend of $0.01 per share to the Company’s common stock shareholders of record on January 15, 2015.

 

On January 23, and February 17, 2015, Pingtan Fishing has repaid short term bank loan of $1,640,693 and $1,027,217 respectively, to Industrial and Commercial Bank of China in accordance with loan repayment schedules.

 

On January 27, 2015, Fujian Heyue Marine Fishing Development Co., Ltd. (“Fujian Heyue”) was incorporated in the PRC with registered share capital of RMB10 million as a wholly-owned subsidiary of Pingtan Guansheng.

 

On February 9, 2015, the Company terminated its existing VIE agreements, pursuant to an Agreement of Termination dated February 9, 2015, entered into by and among Ms. Honghong Zhuo, Mr. Zhiyang Lin (each a shareholder of Pingtan Fishing, together the “Shareholders”), Pingtan Fishing and Pingtan Guansheng.

 

On February 9, 2015, the Shareholders transferred 100% of their equity interest in Pingtan Fishing to Fujian Heyue, pursuant to an Equity Transfer Agreement dated February 9, 2015, entered into by and among the Shareholders, Pingtan Fishing and Fujian Heyue.

 

On February 15, 2015, China Agriculture Industry Development Fund Co., Ltd. (“China Agriculture”) invested RMB 400 million (approximately $65 million) into Pingtan Fishing for an 8% equity interest in Pingtan Fishing. After the restructuring, Pingtan Fishing and its entities become the 92% equity owned subsidiaries of the Company and will be consolidated in the consolidated financial statements of the Company with 8% minority interest.