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Mon 22 Apr 2013, 18:38 GMT

Brightoil secures loan deal


Agreement arranged with China Development Bank Corporation via its subsidiary Win Business Petroleum Group.

Hong Kong-listed Brightoil Petroleum (Holdings) Ltd. has secured a loan agreement of up to US$30 million from China Development Bank Corporation.

The three-year agreement was obtained by Win Business Petroleum Group Ltd., a wholly-owned subsidiary of the company, as borrower, with Win Business Petroleum Group (Grand Desert) Ltd. and Win Business Petroleum Group (Dina) Ltd. as the guarantors.

Under the facility agreement, current Brightoil chairman Dr. Sit is required to continue as the company's controlling shareholder. If this position were to change, it would effectively constitute a default and China Development Bank would be able to cancel all or part of the loan, or declare that all or part of the loan become immediately due and payable.

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