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Gemdale Properties and Investment Signed a Two-year Agreement for 36 million USD Bank Financing

2013-11-26 Source:  Size:TTT
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[Abstract] News from www.guandian.cn: Gemdale Properties and Investment announced that its affiliated company in which it holds 54.85% of equity signed a two-year agreement for 36 million USD bank loan for financing on Apr. 29.

     News from www.guandian.cn: Gemdale Properties and Investment announced that its affiliated company in which it holds 54.85% of equity signed a two-year agreement for 36 million USD bank loan for financing on Apr. 29.

  The announcement disclosed that the capital would be used for financing of property project development of that affiliated company.
  
  Moreover, according to the supplementary agreement, the financing may be immediately due and payable if finally the holding shareholder Gemdale Corporation no longer holds at least 51% of registered capital of Gemdale Properties and Investment, or no longer has voting power of 51% of registered capital in the shareholders’ meeting of Gemdale Properties and Investment; or Gemdale Corporation no longer holds the ownership of the affiliated capital stock of Gemdale Properties and Investment for managing or supervising the affiliated company.  

  On the day of this announcement, Gemdale Corporation holds about 67.45% of equity in the issued capital stock of Gemdale Properties and Investment.
  
  Data show that Gemdale, on Sep. 15, 2012, announced that its wholly-funded subsidiary Famous Commercial Limited would acquire 3,848 million shares of Frasers Property held by FCL (CHINA) PTE.LTD. at the price of 1,654 million HKD, accounting for 56.05% of issued share stock of Frasers Property. After the transaction, Famous Commercial will be a holding shareholder of Frasers Property. 

  On this Mar. 7, Frasers Property announced that Frasers Property (China) Limited would be renamed as Gemdale Properties and Investment Corporation Limited; Chinese name “星狮地产(中国)有限公司” renamed as “金地商置集团有限公司” (adopted by us for identification); and this would come into force from Mar. 12, 2013.

KeyWord:Frasers Property, Gemdale Properties and Investment, Renaming
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