The subsidiaries of Tianshan Co., Ltd. intend to apply for a loan of 122 million yuan from the actua

Byzengjiaming12

Updated Tue, 30 Nov 2021 17:48:23 GMT

On November 22, 2021, Tianshan Co., Ltd. issued an announcement that the company held the 47th meeting of the seventh board of directors to deliberate and approve the "Proposal on Subsidiaries' Loan from Actual Controllers and Related Transactions".

Due to changes in the scope of the company’s consolidated statements, in order to meet the financing needs of subsidiaries, improve financing efficiency, and save financial costs, the company’s subsidiaries plan to apply for a loan of 122 million yuan from the company’s actual controller, China National Building Material Group Co., Ltd. (abbreviated as "CNBM Group"), the loan period is 1 year, and the two parties will automatically extend the period after maturity. Each extension is 1 year and the number of extensions is unlimited. The annual interest rate of the loan is 20% lower than the latest one-year LPR released by the National Interbank Funding Center on the date of signing, which is 3.08%, lower than the company’s average interest rate on loans from financial institutions during the same period.