Guangdong Investment (HKG:0270) accepted a committed revolving loan facility of HK$1.75 billion from an undisclosed bank for general working capital.
The 364-day facility requires the company's controlling shareholder, GDH, to remain majority-owned and controlled by the Guangdong Provincial People's Government and to maintain at least a 51% stake in Guangdong Investment, according to a Thursday Hong Kong bourse filing.
A breach of either undertaking would make all amounts drawn under the facility immediately due and repayable. GDH held about 58.26% of Guangdong Investment as of the announcement date.
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