Win Business Petroleum Group, wholly-owned by Brightoil, is the borrower while two other Brightoil subsidiaries – Win Business Petroleum Group (Grand Desert) and Win Business Petroleum Group (Dina) – are acting as the guarantors.
Under the facility agreement, Brightoil's founder and chairman Sit Kwong Lam has to remain as the controlling shareholder, failing which the bank would be allowed to cancel all or part of the loan.
Sit is indirectly interested in 6,557,433,666 shares of Hong Kong-listed Brightoil, representing approximately 74.8% of the issued share capital of the company.
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