Author: Zoomlion Source: HONG KONG(Reuters Basis Point) 2008-11-06
HONG KONG, Nov. 3rd (Reuters Basis Point) power -- According to sources, China Machinery Manufacturers-- Changsha Zoomlion Heavy Industry Technology Development Co., Ltd. (000157.SZ: Quote) acquisition of Italian machinery manufacturers of concrete - CIFA SpA Project , has five banks involved in supporting the transactions 200,000,000 U.S. dollars for three-year loan.
The source said that with Development Bank of Singapore (DBSM.SI: Quote) and Standard Chartered Bank (2888.HK: Quote), the other banks for the credit include: German co-operation of the Central Bank (Hong Kong), Fubon Bank (Hong Kong) ( 0636.HK: Quote), St. Paul's United Bank of Italy, Canada s Scotiabank and United Overseas Bank.
German Central Bank (Hong Kong), Fubon Bank Hong Kong and the United St. Paulo loan 40,000,000 U.S. dollars, 30,000,000 U.S. dollars and 28,000,000 U.S. dollars. Bank of Nova Scotia and United Overseas Bank loan 26,000,000 U.S. dollars for each. Bank bookkeeping shows Development Bank of Singapore and Standard Chartered Bank respectively lend 25,000,000 U.S. dollars.
The loan secured by Export-Import Bank of China are borrowed from the Zoomlion Overseas Investment Management (Hong Kong) Limited.
On June 25th of this year, Zoomlion announced its partnership with Goldman Sachs, Italy Mandarin Capital Partners and Hony Capital, in order to purchase CIFA with 271,000,000 euros. Zoomlion CIFA will account for 60% of the equity and the remaining 40% by three other investors. Zoomlion will pay part of the acquisition price with 50,000,000 U.S. dollars of its own cash. [ID: nCN0303143].
In 2007, Zoomlion s income from crane and concrete machinery sales, is respectively of 47% and 39%.
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