GP Industries G20 has announced that its wholly-owned subsidiary GPI International has entered into a HK$660 million ($112.7 million) three-year loan facility agreement.
The proceeds from the loan facility will be used for general corporate purposes, including refinancing the group’s existing borrowings and financing its working capital requirements.
The agreement is liable to be cancelled should Gold Peak Technology Group cease to be the single largest shareholder of GP Industries or should GP Industries’ chairman and CEO Victor Lo resign from his positions or cease to be the single largest shareholder of Gold Peak Technology.
Gold Peak Technology and Lo are currently the controlling shareholders of GP Industries, with direct ownership of 85.59% and 0.06%, respectively, of its shares.
Shares in GP Industries closed 1.5 cents higher or 2.4% up at 64 cents on Dec 4.
