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Overview

Bank of China provides a loan to Yantai Moon to finance its acquisition of Dunham-Bush International

Commitment Year•2012Country of Activity•MalaysiaDirect 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, 2012
Start (actual)
Sep 19, 2012
End (actual)
Sep 19, 2012

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 Commercial Banks

  • Bank of China (BOC)

Receiving agencies

Private Sector

  • Yantai Moon Co., Ltd.

Loan description

Bank of China provides a loan to Yantai Moon to finance its acquisition of Dunham-Bush International

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2012, the Shandong Branch of the Bank of China (BOC) issued a loan to Yantai Moon Co., Ltd. — a Chinese research and development company for refrigeration equipment and air conditioning products listed on the Shenzhen Stock Exchange headquartered in Yantai, Shandong Province — to finance its acquisition of Malaysia-headquartered refrigeration equipment company Dunham-Bush International (Cayman) Ltd.. Dunham-Bush International (Cayman) Ltd. was a Cayman Islands-incorporated holding company for the Dunham-Bush Group, an international commercial air-conditioning manufacturer based in Malaysia, one of the world's largest, with a history of over 100 years that was founded in the United States and had facilities in Kajang, Malaysia, Havant, England, and Yantai, England. Dunham had closed its operations in the United States on February 29, 2012. Yantai signed the acquisition agreement on July 14, 2012 to acquire Dunham-Bush from its owner, Netherlands-incorporated Agromash Holdings, a company controlled by Russian entrepreneur Mikhail Bolotin. Yantai Moon Group (Hong Kong) Limited was the specific acquiring agency. The acquisition was completed on September 19, 2012. The acquisition reportedly improved Yantai's industrial chain in the field of temperature control.