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| Continue to Expand Business into Different Markets; Further Enhance Long-term Profitability |
HONG KONG, Oct 17, 2017 - (ACN Newswire) - Asia Allied Infrastructure Holdings Limited ("Asia Allied Infrastructure" or "the Group") (stock code: 00711) is pleased to announce today that it has entered into a HK$900 million term loan facility agreement with three banks. Part of the loan will be used to restructure the loan portfolio of the Group, while the rest will be used for new business development. This facility will lower the finance cost of the Group, strengthen its financial position and enable the Group to accelerate its business into the market of the Asia region and overseas.
The 3-year facility of HK$900 million carrying an interest rate of HIBOR+1.70% was lead-arranged by The Hongkong and Shanghai Banking Corporation Limited and Wing Lung Bank, Limited, with China Construction Bank (Asia) Corporation Limited joining the Mandated Lead Arranger group.
Mr. Dominic Pang, Chairman of Asia Allied Infrastructure, said, "We would like to express our sincere gratitude to the three banks for their support to the Group. Long-term cooperation with financial institutions is always important to our Group as it allows us to further reinforce our core businesses as well as explore business opportunities in Hong Kong, the Mainland China and overseas market. With solid financial support together with more than half a century experience in the construction and property development sectors, the Group will seize collaboration opportunities of public-private partnership model ("PPP") projects in the PRC and large-scale infrastructure projects from 'Belt and Road' countries moving forward; as opposed from participating in the form of one-off projects in the past, we will be investing long-term in local construction related companies with good potential, to achieve the strategic goal of 'Entering China, and Going Global'."
Photo Caption:
Mr. Dominic Pang, Chairman of Asia Allied Infrastructure (Fifth from right); Mr. Jerry Xu, Deputy Chairman of Asia Allied Infrastructure (Fourth from right), Ir Dr. Derrick Pang, JP, Chief Executive Officer and Chief Operating Officer of Asia Allied Infrastructure (Fifth from left), Mr. Martin Shea, Chief Financial Officer and Company Secretary of Asia Allied Infrastructure (Third from right) together with representatives of The Hongkong and Shanghai Banking Corporation Limited; Wing Lung Bank, Limited and China Construction Bank (Asia) Corporation Limited attended the signing ceremony.
Asia Allied Infrastructure Holdings Limited (stock code: 00711.HK)
Asia Allied Infrastructure Holdings Limited ("AAI") is listed on the Main Board of the Hong Kong Stock Exchange under stock code 711. It is engaged in various businesses including construction engineering and management, project consultancy, property development, security services and property management, tunnel management, safe deposit box services, construction finance and investment, online procurement of construction materials, etc. With Hong Kong as its business development base, AAI is also exploring development opportunities with Asia as the main focus, as well as in overseas markets. Its subsidiary "Chun Wo" is a renowned construction contractor and property developer in Hong Kong, which enables AAI to capitalise on that company's solid construction experience and professional capabilities to seize the opportunities for infrastructure development in countries along the "Belt and Road" initiative, and, ultimately, to increase overall profitability and create higher investment value.
For press enquiries:
Strategic Financial Relations Limited
Cindy Lung (852) 2864 4867 cindy.lung@sprg.com.hk
Isabel Kwok (852) 2864 4824 isabel.kwok@sprg.com.hk
Wilson Ngan (852) 2114 4318 wilson.ngan@sprg.com.hk
Topic: Press release summary
Source: Asia Allied Infrastructure Holdings Limited
Sectors: Daily Finance, Daily News, Construct, Engineering
https://www.acnnewswire.com
From the Asia Corporate News Network
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