Zhitong Financial App News, Weiyang Wine Holdings (08509) announced that on August 11, 2023, the company's wholly-owned subsidiaries Weiyang (Liquor) Limited (debit) and the company (guarantor) accepted the bank financing letter issued by Chong Hing Bank Limited (lender) to renew the bank financing granted by the lender on July 4, 2022. The financing letter contains financing with a total amount of up to HK $63 million (consisting of (a) a new three-year term loan; (b) an existing term loan due on March 1, 2024; and (c) other trade financing) And an overdraft financing of up to HK $3 million may be made available to Weiyang (Liquor Industry) with the approval of the lender in accordance with the terms and conditions set out in the financing letter, provided that it is reviewed by the lender from time to time and is subject to the overriding right of the lender to be repaid on demand.
According to the financing letter, the company will urge Wang Ziwei and Ding Zhiwei, the company's controlling shareholders, to continue to be the single largest shareholders and jointly hold not less than 50% of the beneficial interests in the company. As at the date of this announcement, the total beneficial interest of the controlling shareholder in the company is 70%.