27th Dec 2019 09:41
(Alliance News) - Cathay International Holdings Ltd on Friday said it has increased its loan facility from Cathay International EW No 43 Ltd, a company controlled by Executive Chair Wu Zhen Tao.
The loan, which was agreed in November, was originally for the amount of USD23 million but has been increased by USD11 million to USD34 million. The China-focused healthcare investor said the funds will go towards providing working capital.
The facility has an initial term of one year, with interest payable at London inter-bank offered rate plus 3.5% per annum and is unsecured.
The loan is repayable in events of default or in the event that Cathay raises capital through the sale of assets or otherwise.
Shares in Cathay were untraded on Friday morning in London, last quoted at 3.25 pence per share.
By Ife Taiwo; [email protected]
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