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CSG Guarantees 1.04 Billion Maximum Loan Value for its Subsidiaries

Post Time:Jun 17,2008Classify:Company NewsView:344

CSG Holding Co., Ltd will assume irrevocable joint liability for a total of 1.04 billion yuan maximum loan value for its holding subsidiaries including Shenzhen Southern Float Glass Co., Ltd., Wujiang CSG East China Architectural Glass Co., Ltd, Chendu CSG Glass Co., Ltd. and Hebei CSG Glass Co., Ltd.

The guarantee is to meet the needs of the company day-to-day operations. All the secured holding subsidiaries above are in stable financial status and good operating condition. So, the security is line with the overall interests of CSG Holding.

Up to the disclosure of the notice, the company has provide its subsidiaries with the secured balance of bank loan 925.32 million yuan, accounting for 21.59% of the company’s audited net assets and 10.95% of total assets by the end of 2007.

Source: GlassInChinaAuthor: admin

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