Asia/Pacific News
Brightoil Secures 3-Year, $30 million Loan
Brightoil Petroleum (Holdings) Limited (Brightoil) says it has secured a $30 million loan through its wholly-owned subsidiary Win Business Petroleum Group Limited.
Two other Brightoil subsidiaries - Win Business Petroleum Group (Grand Desert) and Win Business Petroleum Group (Dina) - are acting as guarantors for the loan.
The loan is for a term of three years and was made by China Development Bank Corporation.
As part of the agreed loan terms, Brightoil Chairman Sit Kwong Lam must remain the controlling shareholder for the entire loan period.
He currently owns approximately 74.80 percent of the company.
Last month Brightoil reported that in the second half of 2012 it's total revenue fell by 34.9 percent to HK$23,589.5 million ($3.04 million), and its bottom line fell to a loss of HK$811.1 million ($104.6) compared to a profit of $997.6 million ($128.6 million) in the second half of 2011.
