First sustainability-linked facility for MICA Group approved: DBS HK
The facility has a tenor of six months.
DBS Hong Kong and MICA Group, a trading firm, signed the first sustainability-linked revolving trade facility, which seeks to encourage the group to trade with responsible suppliers.
It will have a six-month tenor and will push MICA Group to trade with International Council on Mining and Metals members, who vowed to work for a sustainable future through responsibly produced minerals and metals.
MICA Group is composed of Heilong International Limited and Meika Limited. Heilong sources iron ore directly from overseas mines whilst Meika serves as the second trading platform to MICA Group.
Commenting on this facility, MICA Group President Mi Run Tao underscored their goals of environment, social, and governance to allow long-term success of their business as well as the mining industry.
Alex Cheung, managing director and head of institutional banking group of DBS Hong Kong, said they are elated to back MICA Group in promoting responsible procurement.