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Honghua’s offshore arm obtains $16m ten-year loan

Honghua’s offshore arm obtains $16m ten-year loan
Honghua Group's offshore arm has obtained a ten-year loan of RMB105m ($16.1m) from China Development Fund to support its key equipment and system development of its offshore engineering project.

Chengdu-headquartered Honghua Group, China’s biggest exporter of drilling rigs, announced to the Hong Kong Stock Exchange that the loan to its indirect wholly-owned subsidiary is attached with an interest rate of 1.2% per annum.

Honghua Group said it is the first time that the company has secured a ten-year loan, the longest loan period in its operation history.

“With ‘creative manufacturing’ as the guiding principle, the company will continue to enhance its R&D and self-innovation capability in key technology, to promote the intelligence of the products, and to make breakthrough in the challenging market environment,” Honghua Group said.

“The company is committed to capture the great opportunities from the transit of global offshore equipment manufacturing to emerging countries,” it added.