Shanghai: JES International Holdings, the parent company of Jiangsu Eastern Shipbuilding, announced that it has entered into a letter of intent with a US-based private investment company. Under the LOI, the US company will provide JES up to $20m credit facility with the option of requesting an additional $20m.
The tenure of each loan will be three years commencing from the date of each disbursement. JES said it will use the loan to replenish working capital of the company.
JES reported a net loss of RMB92.51m in the first quarter of this year. [07/08/13]
