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LED International Gets New Loan Facility

Tue, 11th Mar 2014 11:48

LONDON (Alliance News) - LED International Holdings Ltd Tuesday said its Kepu Electronic Technology (Shenzhen) Company Ltd subsidiary has been granted a new RMB2.8 million loan facility by Ping An Bank Co., which will be used to support its working capital position and its organic growth plans.

In a statement, the LED lighting company said the terms on the loan are almost identical to those on a previous loan that was fully repaid: it expires 12 months from drawdown and has an 8.4% interest rate. Kepu is required to repay the facility in RMB80,000 monthly installments, starting one month after drawdown, with the full balance plus interest due at the end of the loan period.

The loan is secured on a first charge over Rooms 1013-15, Shen Hua Commercial Building, 2018 Jia Bin Road, Luo Wu, Shenzhen, owned by a Mr Lee, as well as with personal guarantees given by Fu Wei, the general manager and legal representative of Kepu.

LED International shares were last traded at 26.50 pence.

By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1