Annual Report - QuamIR
Annual Report - QuamIR
Annual Report - QuamIR
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<strong>Report</strong> of the Directors (Continued)<br />
<br />
Continuing Connected Transactions (Continued)<br />
(ii) Guarantees to CRE and its subsidiaries (Continued)<br />
a. The Guarantees (Continued)<br />
The loan in the sum of RMB200<br />
million (approximately HK$246.8<br />
million) was originally granted and<br />
utilized. The loan was a term loan<br />
and carried interest at such annual<br />
rate as agreed with lending bank,<br />
determined by reference to PBOC<br />
Benchmark Rate for loans of the<br />
same grade and tenure. The<br />
interest rate will be adjusted<br />
annually on each anniversary of the<br />
related advancement (and, in<br />
relation to an extended term agreed<br />
by lending bank, on each<br />
anniversary of the date falling<br />
immediately after the original<br />
maturity date) based on the PBOC<br />
Benchmark Rate then in effect as<br />
prescribed in the facility agreement.<br />
<br />
(ii) <br />
<br />
a. <br />
<br />
<br />
200,000,000 <br />
246,800,000 <br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
As at 31 December 2011, the total<br />
outstanding principal was RMB154<br />
million (approximately HK$190.1<br />
million) and the extent of the<br />
Guarantee was for the same<br />
amount.<br />
<br />
<br />
<br />
154,000,000 <br />
190,100,000 <br />
<br />
<br />
Repayment and<br />
maturity dates of<br />
loan facility<br />
: The loan is repayable by<br />
installments scheduled over the<br />
term of the loan as provided in the<br />
facility agreement, with the final<br />
maturity date falling on 30 August<br />
2021.<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
58 HKC (Holdings) Limited • <strong>Annual</strong> <strong>Report</strong> 2011