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<CN Home>YUEXIU PROPERTY Secures CNH200M Loan from Bank
Recommend 4 Positive 12 Negative 4 |
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YUEXIU PROPERTY (00123.HK) entered into a facility agreement with a bank, pursuant to which a dual-currency term loan facility of CNH200 million (or its HK$ equivalent) will be made available by the bank for a term of 364 days from the first drawdown date and subject to the terms and conditions of the facility agreement, as announced by YUEXIU PROPERTY. It was provided in the facility agreement that an event of default will occur if the direct or indirect shareholding of Yue Xiu Enterprises, the controlling shareholder of the Company, in the issued voting shares of the Company falls to below 30%, or if Yue Xiu Enterprises ceases to be the single largest beneficial shareholder of the Company, or if Yue Xiu Enterprises ceases to have effective management control over the Company. Upon the occurrence of such event of default, the lender may declare that all the indebtedness under the facility agreement has become immediately due and payable. Currently, Yue Xiu Enterprises beneficially owns an aggregate of about 44% of the issued shares of the Company. AASTOCKS Financial News Website: www.aastocks.com |
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