Asia/Pacific News
Brightoil Inks $50 Million Loan Facility Agreement
Brightoil Petroleum (Holdings) Limited [HKG:0933] (Brightoil) says it has agreed terms with China Development Bank Corporation (CDBC) Hong Kong Branch for a loan facility of up to USD $50 million for a term of 10 years.
Brightoil said the facility agreement will enhance the financial strength of the company, and provide support for business development activities, particularly its marine transportation segment.
"The support from China Development Bank provides a strong proof in the bank's confidence in Brightoil Petroleum's development direction and future prospect," said Dr. Sit Kwong Lam, Chairman and CEO of Brightoil Petroleum.
"Through the support, we can better allocate our resources and accelerate the pace of reaching our strategic goals in developing into an integrated international conglomerate."
A filing with the Hong Kong Stock Exchange noted that the loan could be declared immediately payable on demand should Sit's control of the company fall below 51 percent.
Brightoil say he currently holds approximately 74.88 percent of the issued share capital.
The company also secured a three year, $30 million loan with CDBC earlier this year.
