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Overview

China Construction Bank participates in syndicated revolving credit facility dollar tranche of $235 million USD to Hengyuan Refining Company (Linked to Record ID#106691)

Commitments (Constant USD, 2023)$74,018,665
Commitment Year•2022Country of Activity•MalaysiaDirect Recipient Country of Incorporation•MalaysiaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Sep 12, 2022

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 ownershipAt least 25% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • China Construction Bank Corporation (CCB)

Cofinancing agencies

Private Sector

  • AmBank Group
  • Malayan Banking Berhad (Maybank)

Receiving agencies

Private Sector

  • Hengyuan Refining Company Berhad

Loan description

In 2022, China Construction Bank contributes to MYR 250 million and USD 235 million dual-tranche syndicated revolving credit facility for Hengyuan Refining Company, Malaysia

Interest type•Unknown

Narrative

Full Description

Project narrative

On September 12, 2022, China Construction Bank (CCB), Malayan Banking Berhad (Maybank), and AmBank Berhad signed a syndicated revolving credit facility agreement with Hengyuan Refining Company Berhad (HRC). This record captures the USD-denominated tranche of the agreement, which totaled USD 235 million. A second tranche worth MYR 250 million (Record ID#106691) was also provided, bringing the total value of the facility to approximately USD 290 million. The capital was intended to fund working capital requirements, refinance loans, and support upgrades and medium-term growth projects. Based on company disclosures, AidData assumes equal contributions from the three lenders (USD 78.33 million each), although the exact share of China Construction Bank remains unconfirmed.

Staff comments

1. This record captures the USD tranche of the complete syndicated revolving credit facility. The facility also contains a ringgit facility of $250 million MYR (Record ID#106691), totaling to an equivalent of $290 million USD. 2. According to Source ID#212181, the Principal Officer of CCB Labuan states that they "were pleased to offer the USD RC Facility together with another two local banks, AmBank (M) Berhad and Malayan Banking Berhad to HRC." From this language, it is unclear if this implies that CCB only contributed to the USD Tranche of the RCF, contributed the entire USD portion of the RCF, or if they still participated in the Ringgit portion of the RCF. This warrants further investigation.