Solid banking support for production capacity expansion
(13 June 2011 – Hong Kong) Vinda International Holdings Limited (“Vinda International” or the “Company”, and, together with its subsidiaries, collectively known as the “Group”; stock code: 3331), a branded seller and leading manufacturer of household paper products in the PRC and Hong Kong markets, is pleased to announce that the Group has entered into an agreement (the “Facility Agreement”) with certain Hong Kong financial institutions for a term loan facility (the “Loan Facility”) in an aggregate principal amount of HK$750,000,000 today, which will serve to provide capital for the Group’s production capacity enhancement program in the current year.
The Loan Facility is for a term of up to 4 years commencing from the date of the Facility Agreement.
Mr. Li Chao Wang, Chairman of Vinda International, says, “We are on schedule to increase our annual production capacity by a total of 100,000 tons in 2011. The Loan Facility will primarily be utilized to support our production capacity expansion this year. The success of this financing exercise is strong evidence of the banking community's confidence in the Group's future development and direction. It also reinforces the Group’s strong liquidity and longer term capital base, lending solid support to the management’s ambitious plans for the Group’s further future growth.”