Feiyu Technology (01022) said ICBC Xiamen Branch, Chengjian sub-branch had agreed to make a loan facility of RMB120 million with a 10-year repayment term to Xiamen Fei Xiang Yue Investment Management, an indirect wholly-owned subsidiary of the company.
The minimum interest rate to be determined with reference to the loan prime rate as at the drawdown date plus the rate of 0.737% per annum which is payable on a monthly basis.
The principal of the loan shall be repaid by installments as agreed by ICBC after a two-year grace period.
The loan facility will be used for constructing the company's research and development center on the land located in Huli District in Xiamen.
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