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BOE Optoelectronics to Apply for Syndicated Loan Extension

Post Time:Apr 10,2009Classify:Company NewsView:318

Beijing BOE Optoelectronics Technology Co., Ltd., a controlling subsidiary of BOE Technology Group Co., Ltd. (SZSE: 000725), will apply to extend its about CNY 3 billion syndicated loan until April 8, 2014 because of capital shortage, says the Shenzhen-listed liquid crystal display (LCD) maker on April 9.

In 2005, BOE Optoelectronics, 78.54% owned by BOE Technology, gained USD 740 million syndicated loan from a group of banks led by China Construction Bank Corporation (SHSE: 601939 and SEHK: 0939) for its 5G TFT-LCD (thin-film transistor-LCD) production line project. The company reached an agreement with the bank consortium to extend the loan by one year in 2007, according to BOE Technology.

A three-year extension in the syndicated loan will enable BOE Optoelectronics to ride out the lingering global financial crisis, said the Beijing-headquartered company. In spite of a CNY 6.635 billion operating revenue, BOE Optoelectronics lost as much as CNY 748 million in 2008, when TFT-LCD price plunged amid the economic downturn.

Source: dycj.ynet.comAuthor: shangyi

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