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Overview

China Construction Bank participates in syndicated revolving credit facility of $250 million MYR to Hengyuan Refining Company (Linked to Record ID#106688)

Commitments (Constant USD, 2023)$17,896,196
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). The facility included a MYR 250 million tranche and a USD 235 million tranche, totaling approximately USD 290 million. This record captures the MYR-denominated tranche. The facility was established to support HRC’s working capital needs, refinance existing loans, and finance upgrade and management projects. It remains unclear whether CCB contributed to the MYR tranche, the USD tranche, or both. Based on official company disclosures, AidData assumes a one-third share of the MYR facility (MYR 83.33 million or ~USD 18.9 million). Further clarification of CCB’s contribution is pending additional documentation.

Staff comments

1. This record captures the MYR facility of the complete syndicated revolving credit facility. The facility also contains a USD tranche of $235 million USD (record ID#106688), totaling to the 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.