Shandong Gold (01787) announced that the company will hold the 6th term of directors on April 26, 2024...
Zhitong Finance App News, Shandong Gold (01787) announced that the company held the 60th meeting of the 6th board of directors on April 26, 2024 to review and pass the “Proposal on Providing Guarantees for the Financing of Hong Kong Wholly-owned Subsidiaries”. In order to meet the capital requirements of the Hong Kong Company and its subsidiaries, such as production and operation, stock financing maturity replacement, etc., and make effective use of the overseas capital market, the Hong Kong Company, a wholly-owned overseas subsidiary of the Company, plans to apply for bank credit of up to US$174 million from the following banks and make instalments based on the use of the funds, including US$75 million for CMB Hong Kong Branch, and US$49 million for CCB Asia.
The company plans to sign a “Letter of Guarantee” with China Merchants Wing Lung, a “Guarantee and Indemnity Deed” with the Hong Kong Branch of the Agricultural Bank of China, and a “Letter of Guarantee” with CCB Asia to provide collateral liability guarantees for the Hong Kong company's application of US$75 million from China Merchants Wing Lung, US$50 million applied for from the Agricultural Bank Hong Kong Branch, and the US$49 million bank credit applied for from CCB Asia. The guarantee amount can be recycled during the credit period.