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CHI ASSURANCE Intends to Acquire At Least 51% Stake in NCCE

Time:2015-07-22  Source:AAStocks Financial News  Author:

CHI ASSURANCE (08090.HK) announced that the company entered into a Loan Agreement in which the company has conditionally agreed to grant the loan in the principal amount of not more than RMB80 million to the borrowers for the purposed debt restructuring, company reorganisation and potential expansion of business of Nanning (China-ASEAN) Commodity Exchange (NCCE).

NCCE is the only commodity exchange approved by the State Council of the PRC and the Peoples Government of Guangxi Zhuang Autonomous Region that possesses the title China-ASEAN. The company intends to acquire not less than 51% of equity interest of NCCE by way of capital injection and/or debt restructuring with an aggregate amount of not more than RMB200 million.

The company has applied for trade resumption with effect from this morning. 

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