Star Group (01560) issued an announcement on November 1, 2023, restricting the company (borrower, company's indirect.
Zhitong Financial APP News, Star Group (01560) issued an announcement that on November 1, 2023, the company (the borrower, the company's indirect wholly-owned subsidiary) and a bank signed a financing document with a total revolving loan amount of HK $350 million. The bank will review the financing on August 20, 2024 and annually thereafter.
According to the terms of the financing document, the company undertakes to the bank that during the effective period of the financing, Chen Wenhui shall maintain not less than 50% of his direct or indirect beneficial controlling interest in the company and maintain management control over the group's business. As at the date of this announcement, the controlling shareholder holds approximately 68.69% of the issued share capital of the company.