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| Builds up Solid Financial Reserves for Enhancing Property Portfolio |
HONG KONG, Dec 18, 2017 - (ACN Newswire) - Emperor International Holdings Limited ("Emperor International") (Stock code: 163) today announced the signing of a club loan facility agreement amounting to HK$2,500 million (the "Club Loan") with nine major banks. The proceeds of the Club Loan will be used for general working capital purposes.
The nine major banks are The Hongkong & Shanghai Banking Corporation ("HSBC"), Hang Seng Bank Limited, Bank of China (Hong Kong) Limited, Industrial & Commercial Bank of China (Asia) Limited, China Construction Bank (Asia) Corporation Limited, Bank of Communications Limited, Chong Hing Bank Limited, The Bank of East Asia, Limited, and OCBC Wing Hang Bank Limited.
Mr. Benson Chu, Chief Financial Officer of Emperor Group, said, "We are honored to receive overwhelming responses from 9 major banks, which represents their truly confidence in our business development and financial capability. The Club Loan will effectively manage to reduce its overall interest costs, enhance its cashflow management flexibility to support its business growth and development."
Mr. Donald Cheung, Executive Director of Emperor International, said, "Such transaction marks a significant milestone of Emperor International. With diversified financial resources, we will continue to source quality investment and development projects with good potential, aiming to provide the best return to various stakeholders including our shareholders, bondholders and financial partners."
In October 2017, HSBC Asia Credit Research Team published a research report on un-rated major property bond issuers in Hong Kong and in which initiated coverage of Emperor International with an overweight fundamental recommendation based on its quality property investment portfolio and growth in recurrent rental income, reflecting its quality of financial credibility gained professional recognition.
About Emperor International Holdings Limited
Emperor International is an investment holding company, which is principally engaged in property investments, property development and hospitality with property portfolio of over 5 million square feet in the Greater China and overseas. Under its tri-engine business model, Emperor International owns many investment properties in prime locations that generate stable recurrent income; runs many property development projects for earning visibility; and develops hospitality services with strong recurrent cash flow. With its management execution strengths and market insight, Emperor International aims to be a key property player in Greater China. For more information, please visit its website: www.EmperorInt.com.
Investor / Press Enquiry
Ms Anna Luk,
Group IR Director
Tel: +852 2835 6783
Email: annaluk@emperorgroup.com
Ms Winnie Kwong,
Group IR Manager
Tel: +852 2835 6791
Email: winniekwong@emperorgroup.com
Topic: Press release summary
Source: Emperor International Holdings Limited
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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