Sinco Pharmaceuticals to Pay Fee for Guarantees to Chairman

MT Newswires Live2024-10-01

Sinco Pharmaceuticals' (HKG:6833) chairman Huang Xiangbin, agreed to provide guarantees for the group's obligations regarding the loan facilities obtained from certain financial institutions during the term of the guarantee agreement, a Monday filing with the Hong Kong Exchange said.

The guarantees will stay in effect from the date of the agreement, Sept. 30, 2024, until Sept. 30, 2027 and the maximum annual guarantee fee payable to Huang is set at 15 million yuan. As of Sept. 30, Huang has already provided guarantees to the group with a balance amounting to 1.05 billion for which the company has decided to pay him his due fees.

The annual caps for the payments of guarantee fees by the group to Huang for each of the financial years ending on Dec. 31, 2024, 2025, 2026 and for the period starting from Jan. 1, 2027 and ending on Sept. 30, 2027 are set as 3.8 million yuan, 15 million yuan, 15 million yuan and 11.3 million yuan respectively.

Shares of the pharmaceutical product and medical device marketing company closed nearly 14% higher on Monday.

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