Avails Abundant Financial Resources to Support Business Development
Reinforces the Group’s Development Strategy
HONG KONG – (ACN Newswire) – Asia Allied Infrastructure Holdings Limited (“Asia Allied Infrastructure” or “the Group”) (stock code: 00711) is pleased to announce today that it has entered into a HK$1.2 billion term loan and revolving credit facility agreement with five banks. Part of the loan will be used to restructure the loan portfolio of the Group, while the rest will be used to support future operations and development. This facility will lower the finance cost of the Group, enhance its financial flexibility and funding capability, as well as enable the Group to accelerate its business expansion.
The three-year facility of HK$1.2 billion carrying an interest rate of HIBOR+1.65% was arranged by Hang Seng Bank Limited, Industrial and Commercial Bank of China (Asia) Limited, Chong Hing Bank Limited, Fubon Bank (Hong Kong) Limited and United Overseas Bank Limited.
Mr. Dominic Pang, Chairman of Asia Allied Infrastructure, said, “The overwhelming response to this facility is a clear signal of the great trust and a strong vote of confidence in the Group from the banking community. The long-term cooperation with the banking community has enabled the Group to focus on diversifying its business strategically and actively participate in large-scale infrastructure projects. As an industry leader and armed with ample capital, as well as seasoned management, the Group is well positioned to capitalize on future business opportunities with the loan facility. With a healthy financial position and good relationships with banks, we are confident in our ability to capitalize on the opportunities ahead to enhance shareholder value.”
Photo Caption: Mr. Dominic Pang, Chairman of Asia Allied Infrastructure (Fifth from right); Mr. Jerry Xu, Deputy Chairman of Asia Allied Infrastructure (Third from left), Ir Dr. Derrick Pang, JP, Chief Executive Officer and Chief Operating Officer of Asia Allied Infrastructure (Third from right), Mr. Martin Shea, Chief Financial Officer and Company Secretary of Asia Allied Infrastructure (Second from right) together with representatives of Hang Seng Bank Limited, Industrial and Commercial Bank of China (Asia) Limited, Chong Hing Bank Limited, Fubon Bank (Hong Kong) Limited, and United Overseas Bank Limited attended the signing ceremony.
Asia Allied Infrastructure Holdings Limited (stock code: 00711.HK)
Asia Allied Infrastructure Holdings Limited (“AAI”) is listed on the Main Board of the Hong Kong Stock Exchange under stock code 00711. It is engaged in various businesses including construction engineering and management, property development, security services and property management. With Hong Kong as its business development base, AAI is also exploring development opportunities with Asia as the main focus, as well as in overseas markets. Its subsidiary “Chun Wo” is a renowned construction contractor and property developer in Hong Kong, which enables AAI to capitalise on that company’s solid construction experience and professional capabilities to seize the opportunities for infrastructure development in countries along the area of the “Belt and Road” initiative, and, ultimately, to increase overall profitability and create higher investment value.
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June 25, 2018 18:48 HKT/SGT
Topic: Press release summary
Sectors: Daily Finance, Daily News, Const/Eng
From the Asia Corporate News Network
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