Chinney Investments, Limited (HKG:0216) (Chinney) and its subsidiary Hon Kwok Land Investment Company, Limited (HKG:0160) (Hon Kwok Land) jointly announced that Hon Kwok Treasury Limited, a wholly-owned subsidiary of Hon Kwok Land, as borrower, entered into a facilities agreement relating to a HK$600 million transferable term and revolving loan facilities with a syndicate of banks.

The loan facilities will be used to refinance the existing syndicated loans with outstanding balance of HK$272 million and as general working capital of Hon Kwok Land and its subsidiaries. The loan facilities have a term of 36 months commencing from the date of the facilities agreement.

Pursuant to the facilities agreement, it shall be an event of default if Chinney ceases to be the single largest shareholder of Hon Kwok Land or ceases to hold (whether directly or indirectly) not less than 30% of the effective shareholding in Hon Kwok Land; or James Wong Sai-Wing, the chairman of both Hon Kwok Land and Chinney, ceases to be the major beneficial ultimate shareholder of Chinney