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Bank of China contributes to $103 million syndicated loan for Texhong Galaxy's textile production plant in Vietnam
| Funder | Bank of China (BOC) |
|---|---|
| Recipient Organization | Texhong Galaxy Technology Limited |
| Country | Viet Nam |
| Start Date | Apr 20, 2016 |
| End Date | Aug 14, 2026 |
| Duration | 3,768 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 49322 |
Grant Description
BOC contribution to $103 million syndicated loan for Texhong Galaxy's textile production plant On April 20, 2016, a group of eight foreign and Vietnamese banks — including Bank of China's Ho Chi Minh City Branch — signed a $103 million syndicated loan agreement with Texhong Galaxy Technology Limited, a Vietnam-based special purpose vehicle and subsidiary of Texhong Textile Group.
The loan’s final maturity date April 2023. Texhong Textile Group Limited issued a corporate guarantee in support of the loan.
The borrower was expected to use the proceeds of the loan to finance the development of Texhong Galaxy's production plant in Haiha Industrial Park Park, Hai Ha District, and Quang Ninh Province. This project reached implementation, but its precise implementation start and end dates are unknown.
Staff Comments
- The size of Bank of China’s contribution to the $103 million syndicated loan is unknown. For the time being, AidData assumes that all 8 members of the syndicate made equal contributions ($12.875 million).
- The loan agreement contains a requirement that Mr. Hong Tianzhu shall maintain, directly or indirectly, the status of the largest individual shareholder of Texhong Galaxy Technology Limited and maintain the position of chairman of the Texhong Textile Group Limited.
- Texhong Textile Group is a leading Chinese yarn manufacturer.
Sources & References
- Chinese bank, textile firm in Vietnam contribute to China-Vietnam economic ties
- Texhong Textile Group Limited: Connected Transaction Acquisition of Land Use Rights in Vietnam
- Texhong Textile Group Limited: Disclosure Pursuant to Rule 13.18 of the Listing Rules
- Texhong Textile: CONNECTED TRANSACTION ACQUISITION OF LAND USE RIGHTS IN VIETNAM
- Texhong Eyes Vietnam in World of Diversifying Supply Chains
- Texhong 2018 AR Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
Texhong Galaxy Technology Limited
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