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Overview

ICBC (Asia) contributes $3 million USD to $30 million USD syndicated loan for GP Batteries international for unknown purposes in 2003 (Linked to Record ID#105010)

Commitments (Constant USD, 2023)$6,750,105
Commitment Year•2003Country of Activity•SingaporeDirect Recipient Country of Incorporation•SingaporeOverseas Jurisdiction•Hong Kong (China)Sector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Oct 1, 2003

Geospatial footprint

Map overview

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The purpose of this project was for ICBC (Asia) to contribute $3 million USD to $30 million USD syndicated loan for GP Batteries international for unknown purposes in 2003. More detailed locational information can be found at: https://www.openstreetmap.org/way/172749016

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% host country ownership

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (Asia) Limited (ICBC (Asia))

Cofinancing agencies

Private Sector

  • ABN AMRO Bank NV
  • Bank of East Asia Limited (BEA)
  • HSBC Bank PLC
  • Norinchukin Bank (Nochu Bank)
  • Union de Banques Arabes et Francaises (UBAF)

State-owned Commercial Banks

  • China Construction Bank Corporation (CCB)
  • Nanyang Commercial Bank (NCB)

Receiving agencies

Private Sector

  • GP Batteries International Ltd

Loan description

2003 USD 30 million syndicated loan to GP Batteries International for unspecified purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

In October 2003, Financial close was reached on a deal in which a syndicate of 8 banks — including ICBC (Asia) and China Construction Bank — entered into a $30 million USD fundraising agreement with GP Batteries International, a Singaporean battery company. The proceeds were used for unknown purposes. While ICBC (Asia) contributed $3 million USD (Record ID#105009) and China Construction Bank contributed $1.5 million USD (Record ID#105010), other banks also contributed: HSBC, as the mandated arranger, contributed $10 million USD. Co-lead managers Norinchukin Bank contributed $4 million USD, Bank of East Asia contributed $3 million USD, and ABN Amro Bank contributed $2.5 million USD. Nanyang Commercial Bank and UBAF each contributed $1.5 million USD.

Staff comments

1. GP Batteries International Ltd (GP Batteries), a subsidiary of Singapore-based Gold Peak Technology Group Ltd, is engaged in the development, manufacturing, and marketing of consumer and rechargeable batteries and related products. The company's major products include primary, rechargeable, and specialty batteries; power banks; portable power banks; USB chargers and cables; flashlights; outdoor sensor light; charge and sync cables; and USB car chargers. 2. Originally, the fundraising was expected to raise $25 million USD.