Press Releases

(Hong Kong – 4 September 2012) K. Wah International Holdings Limited (“K. Wah International” or “Group”, stock code: 173) today announced the closing of its HK$2,800 million 3-year term and revolving credit facility (the “Facility”) with a well diversified consortium of banks. To celebrate the smooth close, the Group held a ceremony in Conrad Hong Kong with the presence of Paddy Lui, Executive Director of K. Wah International, Herbert Hui, CFO of K. Wah International and other senior representatives of participating banks and other professional parties.

 

Paddy Lui (Right 6th of the front row), Executive Director of K. Wah International; Herbert Hui (Right 5th of the front row), Chief Financial Officer of K. Wah International and other senior representatives of participating banks and other professional parties

Guaranteed by K. Wah International, the Facility is signed by its wholly-owned subsidiary K. Wah Financial Services Limited. On the back of the Group’s excellent strengths and reputation, the Facility received subscription of over HK$3 billion at the general syndication stage.

Fully underwritten and arranged by Bank of China (Hong Kong) Limited, The Hongkong and Shanghai Banking Corporation Limited and Hang Seng Bank Limited, the Facility carries an interest rate of HIBOR + 2.20% p.a.

Paddy Lui, Executive Director of K. Wah International said that the Group is very pleased that the credit facility arrangement has come together so smoothly and overwhelmingly.

 

Paddy Lui, Executive Director of K. Wah International, delivered an opening remark at the closing ceremony of the Group’s HK$2,800 million syndicated loan

"Highly hailed by the bankers, the loan was heavily oversubscribed and eventually upsized to HK$2,800 million from the original target HK$1,050 million. We regard this financial initiative as a remarkable achievement that demonstrates a strong vote of confidence from the banking community.”

Commented on the usage of the loan, Paddy Lui said, “the Facility is a timely arrangement which will provide additional financial resources to the Group to strengthen its land bank for development and as general working capital. We will continue to adopt a focused, selective discipline in land acquisition in both Hong Kong and Mainland China. We are always committed to developing quality projects through innovation and artistic features so as to enhance shareholder value.”