Leading Stock (600630): It Plans To Accept The Controlling Shareholder To Allocate The State-Owned Capital Operation Budget Funds To The Company By Entrusted Loan
Glonghui (600630. SH) announced on January 15 that the company intends to sign an entrusted loan contract with Shanghai Textile (Group) Co., Ltd. (Textile Group) and Dongfang International Group Finance Co., Ltd. (Dongfang finance company), with a contract loan amount of 57.0695 million yuan.
According to the spirit of the notice on allocating state owned capital operation budget funds (the fifth batch) by Shanghai state owned Assets Management Commission (SASAC) a few days ago, the company's controlling shareholder "Textile Group" plans to allocate 57.0695 million yuan of subsidy funds related to the epidemic situation of state-owned capital operation budget fund (the fifth batch) to the company.
As the company has no plan for capital increase and share expansion, according to the Interim Provisions on strengthening the management of enterprise financial information (CQ [2012] No. 23) issued by the Ministry of finance, it is stipulated that "if the parent company of an enterprise group allocates capital financial funds to its wholly-owned or holding legal person enterprise for use, it shall be deemed as equity investment". After deliberation and approval at the 12th meeting of the 10th board of directors held on January 15, 2021, it is agreed that the company accepts the entrusted loan from the controlling shareholder Textile Group to the company through the qualified affiliated party "Dongfang finance company". When the company increases its capital and shares, it will be converted into equity investment of textile group according to law. The entrusted loan contract signed with the related parties "Textile Group" and "Dongfang finance company" this time, the loan amount is 57.0695 million yuan, the loan term is one year, and the annual loan interest rate is determined by the LRP interest rate minus 375 basis points. According to the one-year RMB loan base interest rate announced by the National Interbank Funding Center a few days ago, it is 3.85% - 3.75% = 0.1%. (the LRP interest rate on the date of signing the contract shall prevail). During the execution of the loan, it can be repaid in advance.
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