Shougang Concord Grand (00730) said it agreed to terminate the master loan facility agreement with Shougang Shuicheng Gangtie (Group) Co., Ltd. with immediate effect.
Under the agreement, signed in 2014, Shougang Concord Grand agreed to provide loan facilities with an aggregate principal amount of up to HK$250 million for a term of 3 years.
Due to changes in the PRC credit market, there are differences in the expectations between Shougang Concord Grand and Shougang Shuigang regarding the terms of facilities to be offered under the agreement, both the parties expect that no transaction could be reached under the agreement. Shougang Concord Grand believes that the termination would allow the Group to direct its resources in other business opportunities that could provide a higher return and would not have any adverse impact on the financial position and the business operation of the Group.
Shougang Shuigang is an associate of Shougang Group Co., Ltd, which is a connected person of Shougang Concord Grand.
etnet榮獲HKEX Awards 2023 「最佳表現證券數據供應商」大獎► 了解詳情
