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Overview

China Eximbank provides a loan to Highsun Holdings Group Ltd. for its acquisition of Fibrant B.V.

Commitments (Constant USD, 2023)$166,223,795
Commitment Year•2018Country of Activity•NetherlandsDirect 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
Jan 1, 2018
Start (actual)
Oct 30, 2018
End (actual)
Oct 30, 2018

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

  • Export-Import Bank of China (China Eximbank)

Receiving agencies

Private Sector

  • Highsun Holding Group Ltd. (HSCC)

Loan description

China Eximbank provides a loan to Highsun Holdings Group Ltd. for its acquisition of Fibrant B.V.

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2018, the Export-Import Bank of China provided a loan to Chinese company Highsun Holdings Group Ltd. to facilitate its acquisition of a 100% ownership stake in Fibrant B.V. — a Dutch manufacturer of high-quality chemical products and services that specializes in caprolactam and ammonium sulfate — for €200 million EUR. The acquisition was completed on October 30, 2018.

Staff comments

1. The Chinese project title is 恒申集团荷兰福邦特公司股权并购项目. 2. The face value of the China Eximbank loan is unknown. However, given that the total cost of the acquisition was €200 million EUR and most China Eximbank M&A (overseas investment) loans cover at least 70% of the total cost of the acquisition, AidData assumes for the time being that the face value of the loan was roughly equivalent to €140 million EUR. This issue warrants further investigation. See slide 13 of https://www.dropbox.com/scl/fi/l59pewju61dhll79k8msy/2.EXIM-Bank.pptx?rlkey=4ffouewoknm33jnz3dykii2i4&dl=0 for more information on the standard terms and conditions that govern M&A (overseas investment) loans from China Eximbank.