Sep 2, 2011 - China Energy Recovery (PINK:CGYV), or CER, said today it had secured two loan facilities for a total of USD 7 million (EUR 4.9m), seeking funds to support its working capital.
Industrial and Commercial Bank of China Ltd (SHA:601398, HKG:1398) has agreed to lend the company USD 2.5 million. The loan bears interest at 3.26939% a year and matures in 90 days.
The other loan of USD 4.5 million was provided by Shanghai Pudong Development Bank (SHA:600000). It carries an interest of 7.544% per year and has a term of 9 months.
Both credit facilities are secured by mortgages on CER buildings.
(USD 1 = EUR 0.701)
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