Asia/Pacific News
NewOcean Energy Inks $170 Million Loan Agreement
Hong Kong-listed NewOcean Energy Holdings Limited (NewOcean) says it has entered into a new US$170 million (HK$1,322.6 million) syndicated loan agreement.
The purpose of the new facility was stated to be for the refinancing of existing debt as well as for financing the general working capital requirements of the Group.
While it did not mention any specific projects, last month NewOcean said it was considering the feasibility of expanding its bunkering business to Singapore.
The loan conditions require the Shum Family to maintain control of the company and hold no less than a 30 percent stake.
Their present holding is approximately 40.89 percent.
Last month NewOcean reported its larger stake in marine bunkering helped drive up profits and achieve a 60 percent share of the Hong Kong marine diesel market.
