The Financing Of Phoenix Bamboo Textile Is Not More Than 300 Million Yuan.

Recently, Fujian Feng Zhu textile Polytron Technologies Inc (Stock Code: 600493) issued a notice on the application for financing, and proposed to raise no more than 300 million yuan.

According to the announcement, in order to reduce the financing cost of Phoenix Bamboo textile, Feng Bamboo textile has applied for financing business through Fujian industrial technology transformation investment fund (limited partnership) of Quanzhou Industrial Development Bank (hereinafter referred to as "provincial technical transformation fund"). The amount of financing is not more than RMB 300 million yuan, with a duration of 48 months, and the financing interest rate is not more than 3%, which is mainly used in Phoenix Bamboo textile industry, Fujian. The construction of the Anton relocation project and the related loans of the subsidiary companies that are still in the early stage of the project are provided by Feng Zhu textile. The land use right of the An Dongxin plant project and the mortgage of the construction project are guaranteed.

The reporter learned that the land use right and the construction area of the new plant were 110 thousand square meters, the construction area was 130 thousand square meters, the total amount of the land use right and the construction contract was about 400 million yuan (specifically the final settlement of the project was final). As at 31 May 2020, the book value of the new plant in construction was 290 million yuan.

Fung bamboo textile said, the financing business for the company to reduce the cost of financing needs, to the Anton new plant relocation work to play a positive role, greatly reduce the company's financing costs, in line with the interests of the company and all shareholders.