Yau Lee Holdings (HKG:0406) announces that two wholly-owned subsidiaries of the company, namely Yau Lee Construction and Yau Lee Wah Concrete Precast Products as borrowers entered into a facility letter with a bank in Hong Kong in respect of general banking facilities up to an aggregate amount of HK$50 million.

The facilities comprise various types of facilities including a revolving term loan in the principal facility limit of up to HK$25 million.

The facility letter requires the borrowers to ensure that Wong Ip Kuen, the controlling shareholder of the company, and his direct family members shall remain as the single largest shareholder of the company holding at least 40% of the equity interest of the company.

Wong Ip Kuen and his family at present own approximately 59.5% of the issued share capital of the company.

Source:chinesestock