Zhongchang Marine provides guarantees to subsidiaries

Shanghai: Zhongchang Marine announced that the company has provided RMB260m guarantee to its subsidiary Zhoushan Zhongchang Marine to support the expansion of its business.

Zhongchang Marine said it has signed a guarantee agreement with China Agricultural Bank to provide a total of RMB1bn guarantees to seven of its subsidiaries in 2014.

Zhongchang Marine estimated that it will suffer a net loss of RMB50m to 80m for the year of 2013. [24/03/14]

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