Yi Dazong (01733): Xianghui Energy (Bayannaoer) was granted bank credit of no more than 200 million yuan by designated banks

Zhitongcaijing · 10/25 13:33

According to the Zhitong Finance App, Yi Dazong (01733) announced that on October 23, 2024, Xianghui Energy (Bayannaoer) (a wholly-owned subsidiary of Xianghui Energy) signed a financing contract with a designated bank to provide Xianghui Energy (Bayannaoer) with a bank credit of no more than RMB 200 million in principal. Regarding the bank's credit, Xiangyu Co., Ltd. agreed to provide a corporate guarantee to the designated bank and sign a bank guarantee contract for all of the responsibilities and obligations required by Xianghui Energy (Bayannaoer) under the financing contract. Xianghui Energy holds 49% and 51% respectively from the Company and Xiangyu Co., Ltd.

On October 25, 2024, the company entered into a counterguarantee contract with Xiangyu Co., Ltd., and the company agreed to provide a total counterguarantee of RMB 108 million for Xiangyu shares under the relevant bank guarantee contract for the corresponding proportion of the guarantee amount that the bank may pay to the designated bank under the relevant bank guarantee contract, as well as any accrued interest, liquidated damages, compensation and other related expenses and expenses, according to the 49% share in Xianghui Energy held by the company.

In order to further expand the Mongolian coal trading business, both parties to the contract approved arrangements under the counterguarantee and related transaction documents to provide Xianghui Energy (Bayannaoer) with sufficient operating capital support.