Chinese firm Yangzijiang Shipbuilding has secured term loan facilities worth a total of $150m from China Development Bank, Seatrade Asia online reports.
The term loan facilities are split into a one-year $100m loan and a three-year $50m loan, Singapore-listed Yangzijiang announced.
“One of the conditions of the secured term loan facilities required Newyard Worldwide Holdings (...) which is owned by Ren Yuanlin, executive chairman of the company, to pledge a total of 372,800,000 ordinary shares, representing 9.73% of the issued shares of the company, as collateral for the secured term loan facilities,” Yangzijiang said.
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