[Caihua News] Weiyang Wine Holdings (08509.HK) announced that on November 26th, the wholly-owned subsidiaries of the company, Weiyang (Liquor) Limited (borrower), Chong Hing Bank Limited "lender" and the company (as guarantor), entered into a bank financing letter to renew the bank financing granted by the lender on March 12, 2021. The financing letter consists of a trade financing, a term loan and an overdraft financing with a maximum financing amount of HK $48 million, HK $20 million and HK $3 million respectively, approved by the lender for use by Weiyang (the wine industry) in accordance with the terms and conditions set out in the financing letter, subject to, among other things, review by the lender from time to time and subject to the overriding right of the lender to be repaid on demand.
According to the financing letter, the company will urge, among other things, the controlling shareholders of the company, Mr. Ding Zhiwei and Ms. Wang Ziqi, to continue to be the single largest shareholder and jointly hold not less than 50% of the beneficial interest in the company. As at November 26, the total beneficial interest of the controlling shareholder in the company was 70%.