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China Development Bank provides RMB 800 million loan for Negeri Sembilan Glass Factory Construction Project (Linked to Record ID#62383)
| Funder | China Development Bank (CDB) |
|---|---|
| Recipient Organization | Kibing Group (M) Sdn Bhd |
| Country | Malaysia |
| Start Date | Jan 01, 2015 |
| End Date | Nov 09, 2026 |
| Duration | 4,330 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 62461 |
Grant Description
China Development Bank provides RMB 800 million loan for Negeri Sembilan Glass Factory Construction Project In January 2015, Zhuzhou Kibing Group Co., Ltd. (also known as Kibing Group or 株洲旗滨集团股份有限公司) — a large enterprise group in China that mainly produces high-end glass products such as high-quality float glass, energy-saving glass, solar glass and ultra-thin glass, with production bases in Hunan, Fujian, Guangdong and Zhejiang provinces — announced plans to construct a new float line (glass factory) in Malaysia.
It established a special purpose vehicle and wholly-owned subsidiary called Kibing Group (M) Sdn Bhd [also known as Kibing Group (Malaysia) Co., Ltd. or 旗滨集团（马来西亚）有限公司] for this purpose on October 23, 2014.
Then, on May 16, 2015, Kibing Group disclosed that it would invest RMB 1.175 billion in the construction of a glass factory — with two production lines and the capacity to produce 1400 tons per day of clear float glass 3~19mm thick — in the city of Seremban within the district of Seremban and the state of Negeri Sembilan.
In November 2015, Kibing Group applied for two loans on behalf of Kibing Group (M) Sdn Bhd: an RMB 800 million loan with a two year maturity from the Fujian Branch of China Development Bank (CDB) and a $6.5 million (approximately RM 24 million) loan with a one year maturity from Bank Of China (Malaysia) Berhad.
Subsequent financial statements from Kibing Group indicate that the CDB loan was approved and Kibing Group issued a corporate guarantee in support of the CDB loan. However, it is unclear if the Bank of China loan was approved. United Overseas Bank may have also issued an RMB 24 million loan to Kibing Group (M) Sdn Bhd in support of the project.
The first glass production line was put into operation on March 20, 2017 and the second glass production line was put into operation in June 2017.
The CDB loan commitment is captured via Record ID#62461 and the Bank of China loan is captured (as a pledge) via Record ID#62383
Staff Comments
1: The Chinese project title is LOW-E在线镀膜和高档多元化玻璃生产线的.2: The official commitment (CDB loan agreement) date is unknown. For the time being, AidData has set the commitment year to the year in which the CDB loan application was submitted (2015). 3: Financial reporting by Kibing Group suggests that CDB may have ultimately issued two separate loans for this project (collectively worth RMB 800 million): a $70 million loan and an RMB 320 million. This issue requires further investigation.
Sources & References
- 福建国税：为“引进来”筑巢 助“走出去”腾飞
- 株洲旗滨集团股份有限公司关于 2019 年度为全资 子公司、孙公司新增和续贷银行贷款授信额度 提供担保的公告
- 旗滨集团（马来西亚）有限公司
- 株洲旗滨集团股份有限公司关于旗滨集团(马来西亚)有限公司拟投资建设LOW-E在线镀膜和高档多元化玻璃生产线的公告
- 湖南省人民政府关于印发《湖南省对接'一带一路'战略行动方案（2015-2017年）》的通知
- Development Finance: A Financing Platform Between the Government and the Market
- Zhuzhou Kibing Group Co.,Ltd
- 湖南省人民政府关于印发《湖南省对接'一带一路'战略行动方案（2015-2017年）》的通知
- The Kibing Group lights up the float line at the Seremban plant
- TECHNICAL VISIT: KIBING GLASS FACTORY
- Kibing Group (M) Sdn Bhd 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
Kibing Group (M) Sdn Bhd
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