15th Jun 2011 07:00
15 June 2011
LED International Holdings Limited
("LED" or the "Company")
FURTHER LOAN FACILITY WITH PING AN BANK COMPANY LIMITED
The board of LED is pleased to announce that Ping An Bank Company Limited has provided a further loan of RMB1.6 million (approx. £151,000) (the "Loan") to the Company's wholly owned subsidiary, Kepu Electronic Technology (Shenzhen) Company Limited ("Kepu"), in addition to the existing loan of RMB3.0 million, as announced on 24 February 2011. The Loan will be used to meet the working capital requirements of Kepu's manufacturing operations.
The Loan expires twelve months from drawdown and attracts interest at 20 per cent. above the prevailing lending rate per annum determined by the People's Bank of China. Interest on the Loan is payable monthly and Kepu is required to repay the principal of the Loan by monthly instalments of RMB50,000 (approx. £4,700) commencing seven months from drawdown with the remaining balance payable at the end of the Loan facility. The Loan is secured by a first charge over Flat 2002, Block A, Guang Cai Xin Shi Ji, No.1136 Nan Shan Da Dao, Shenzhen, the People's Republic of China (the "Property"), currently owned by Mr. Fu Wei, a director of Kepu.
As the Property is owned by Mr. Fu Wei, a director of Kepu, the granting of security over the Property in order to facilitate the Loan (the "Transaction") is considered to be a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The Company's directors, having consulted with the Company's nominated adviser, Allenby Capital Limited, consider that the terms of the Transaction are fair and reasonable insofar as the Company's shareholders are concerned.
**Ends**
For further information:
LED International Holdings Limited | |
Stephen Chan - Chief Executive Officer | +852 2243 3100 |
Allenby Capital Limited | |
Nick Naylor / Alex Price | +44 (0) 20 3328 5656 |
Notes to Editors:
LED International Holdings Limited and its subsidiaries specialise in the development, manufacture and sale of low powered led screens, outdoor signs, lamps, lighting and building illumination; and high powered / medium powered led energy efficient indoor and outdoor lighting products.
For more information, please visit: http://www.led-intl.com
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