(Alliance News) - Cathay International Holdings Ltd said Friday it has agreed to a new loan facility for USD23 million from Cathay International EW No 43 Ltd, a company controlled by Executive Chair Wu Zhen Tao, which will to towards providing working capital.
The facility has an initial term of one year, with interest payable at the rate of LIBOR +3.5% per annum and is unsecured. In addition, the loan is repayable in certain events of default or in the event that Cathay raises capital through the sale of assets or otherwise.
Shares in the China-focused healthcare investor - which is headquartered in Hong Kong - closed untraded on Friday at 1.75 pence in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.