Overview

CDB provides a €2 million EUR loan to Shenyang Machine Tools to facilitate its acquisition of Schiess GmbH

Commitments (Constant USD, 2023)$5,224,305

Commitment Year•2004Country of Activity•GermanyDirect Recipient Country of Incorporation•China (People's Republic of)Sector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Oct 1, 2004

Start (actual): Nov 1, 2004

End (actual): Nov 1, 2004

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned Policy Banks

China Development Bank (CDB)

Receiving agencies

State-owned companies

Shenyang Machine Tool Group (SYMG) (formerly Shenyang Machine Tool Co, Ltd (SMTCL))

Loan description

CDB provides a €2 million EUR loan to Shenyang Machine Tools to facilitate its acquisition of Schiess GmbH

Interest type•Unknown

Narrative

Full Description

Project narrative

In October 2004, China Development Bank (CDB) issued a €2 million EUR loan to Shenyang Machine Tools Co. Ltd. for its acquisition of Schiess GmbH (a German machine tool manufacturer) for RMB 80 million. Schiess GmbH declared bankruptcy on August 1, 2004. The acquisition was completed in November 2004.