Six lenders provide 3-yr term loan for company's H2 2010 expansion and to step up operations.
Centron Telecom International Holding Limited (“Centron Telecom” or the “Group”), which specialises in research and development, manufacturing and sales of products for mobile communication and digital television network coverage, as well as designing network optimisation solutions, has secured a HK$335 million loan facility with a three-year term.
The HK$335 million loan will mainly be used to fund the Group’s rapid business expansion in the second half of 2010 and to increase productivity, with an aim to strengthen the industry leading position of the Group, according to a Centron Telecom announcement.
The loan is provided by six renowned banking institutions including,
1. Bank of China (Hong Kong) Limited
2. Hang Seng Bank Limited
3. CITIC Bank International Limited
4. Bank of Ayudhya Public Company Limited (Hong Kong)
5. Industrial Bank of Taiwan (Hong Kong)
6. The Shanghai Commercial & Savings Bank, Ltd. (Hong Kong)
Mr. Dai Guoliang, Chairman of Centron Telecom, said, “We are pleased to gain the solid support of these banks through the arrangement of this HK$335 million loan. This support demonstrates their recognition of our previous achievement as well as of our upcoming plans of expansion.
“Centron Telecom was not engaged in any fund-raising activities until the end of 2009. By the end of 2009, our Group obtained a RMB60 million (HK$68.78 million) loan from a domestic bank to fund business expansion in the first half of 2010. It is in line with our plan that our Group secured a three-year loan of approximately HK$335 million in July 2010, so that in terms of capital, we are well-prepared to fit into the timetable of the mobile communication network development and coverage optimisation plans of the three major telecom companies in China, as well as that of our upcoming launches of new products and services.
Revenue of Centron Telecom in 2008 was RMB0.8 billion (HK$917,103) and RMB1.1 billion (HK$1.26 billion) in 2009. The HK$335 million loan secured in 2010 will be a strong positive support for our growth in business.”
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