Nanofilm Technologies International (SGX:MZH) unit, Nanofilm Vacuum Coating (Shanghai), secured a three-year, 50 million yuan (SG$9.2 million) term loan from Industrial and Commercial Bank of China (SHA:601398, HKG:1398) to fund working capital, according to a Tuesday filing on the Singapore Exchange.
The loan is secured by a mortgage over Shanghai Plant 1 and Plant 2, owned by Nanofilm Renewable Energy Technology (Shanghai), and a corporate guarantee from Nanofilm. It is also backed by a pledge over two utility patents owned by Nanofilm Vacuum Coating.
A default would be triggered if Shi Xu, Nanofilm's executive chairman, ceases to control Nanofilm Vacuum Coating or if there's a change of control between Nanofilm Vacuum Coating and its related parties.
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