Minxin Group (00222) received unsecured and uncommitted revolving loan financing up to HK$140 million from the controlling shareholder Guixin

According to Zhitong Finance App, Minxin Group (00222) announced that on August 30, 2024, the company signed a shareholder loan agreement (shareholder loan) with Guixin Co., Ltd. (Guixin), the controlling shareholder of the company, as the lender. Guixin agreed to provide the company with unsecured and uncommitted revolving loan financing up to HK$140 million for the period from September 1, 2024 to August 31, 2027 (available period). Shareholders' loans will be calculated on the basis of the 3-month Hong Kong interbank interest rate plus 1.6%. The company must repay or extend the revolving principal amount on the last day of the interest period, but the principal amount of shareholders' loans and any accrued interest or unpaid debt must be repaid by the last day of the usable period at the latest. Shareholder loans will be used to fund the company's daily working capital or to repay its existing bank loans that are about to expire.