(May 22, 2002 - Hong Kong) - Ngai Lik Industrial Holdings Limited ("Ngai Lik" or "the Group"; stock code: 332), a leading player in the electronics manufacturing services ("EMS") industry, is pleased to announce the signing of a HK$210 million syndicated loan today.
Via Ngai Lik Capital Limited, the Group signed a four-year syndicated loan arrangement. The interest rate per annum is fixed at HIBOR plus one per cent. The syndication is led by Citibank/Saloman Smith Barney and The Development Bank of Singapore Ltd as Arrangers. Other members include Agricultural Bank of China, Hong Kong Branch, Fortis Bank Asia HK, Hang Seng Bank Limited and Rabobank Hong Kong Branch as Lead Managers.
The initial amount of the syndicated loan proposed by Ngai Lik was HK$180 million. Due to overwhelming response from the bank market, the transaction was over-subscribed and the amount was thus raised to the present HK$210 million. Of the HK$210 million facility, HK$120 million is a term loan while the remaining HK$90 million is arranged as a revolving credit to be converted into a term loan at the end of availability period.
Mr Lam Man Chan, Chairman of the Group explained, 'We are extremely pleased with the syndication's excellent response, which truly reflected banks' confidence in Ngai Lik's business strategy and prospects. The terms and interest rate are reached after arm's length discussion and satisfy all parties concerned. The Group will mainly utilize the HK$120 million term loan to repay existing bank loans. The remaining HK$90 million revolving loan will be used to finance the construction of the Qingyuen Industrial Estate, further vertical integration, as well as the working capital requirements. We consider the arrangement a cost-effective way in managing financing requirements and will bring long-term benefit to the Company as a whole.'
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Company Background
Ngai Lik is principally engaged in the manufacturing and sales of a wide variety of home audio, digital and multimedia products. In addition, the Company is also engaged in the design and distribution of motorcycle engines and assembly sets of motorcycles. It has been listed on the Stock Exchange of Hong Kong Limited since 1992.
For further information, please contact:
The Development Bank of Singapore Ltd
Aaron Chow
Tel : 852 2848 3532
Fax : 852 2259 9418 / 2259 9412
E-mail : aaronchow@dbs.com
iPR Asia Limited
www.iprasia.com
Venus Lau/ Callis Lau/ Ellen Zee
Tel : 852 2136 6183/ 2136 6952/ 2136 6184
Fax : 852 2136 6068/ 2136 6118
E-mail : info@iprasia.com.hk
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