Yuexiu Transport Infrastructure (HKG:1052) has obtained a 50 million term loan facility from a bank valid for 364 days, a Tuesday Hong Kong bourse filing said.
The company did not disclose the lender.
A condition of the loan is the continued control of Yuexiu Enterprises (Holdings), the company's controlling shareholder.
The loan agreement stipulates that if Yue Xiu ceases to be the single largest shareholder, reduces its shareholding below 30%, or loses management control, an event of default will be triggered, making the entire loan immediately due and payable.
Yue Xiu currently holds approximately 44.2% of Yuexiu Transport's issued shares.
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