Yankuang Energy Group Company Limited Class H (HK:1171) has released an update.
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Yankuang Energy Group Company Limited has announced a financial deal on August 30, 2024, providing a significant RMB 5 billion internal loan to its connected subsidiary, Xinjiang Energy, for up to three years. The interest rate for the loan will be adjusted annually based on Xinjiang Energy’s average external bank loan rates and will not fall below the company’s cost of funds. This strategic move, which requires an asset pledge as a guarantee, aims to bolster the subsidiary’s financial position without falling foul of related transaction rules.
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