Overview

Bank of China contributes to $130 million SGD loan facility to ETHOZ Group, Ltd. to finance business expansion activities and working capital purposes

Commitments (Constant USD, 2023)$14,313,288

Commitment Year•2017Country of Activity•SingaporeDirect Recipient Country of Incorporation•SingaporeSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Oct 27, 2017

Last repayment (originally scheduled): Oct 26, 2020

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

ETHOZ Group, Ltd.

Loan description

Bank of China contribution to SGD 130 million loan facility to ETHOZ Group Ltd. to finance business expansion activities and working capital

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

On October 27, 2017, a syndicate of seven banks — including the Bank of China (BOC) and six foreign banks — entered into a $130 million SGD syndicated loan agreement with ETHOZ Group, Ltd. — a Singapore-incorporated and based financial services provider and automotive solutions company wholly-owned by Bermuda-incorporated Hong Kong-headquartered Tan Chong International Limited — for business expansion activities and working capital purposes. This loan carried a maturity period of three years. The proceeds from the loan were to be used by the borrower for business expansion activities and to providing working capital funds for ETHOZ Group.

Staff comments

1. AidData is unable to determine Bank of China's individual contribution to the syndicated loan, therefore it has estimated the contributions of each bank as being equal, placing Bank of China's estimated contribution at one-seventh the total value of the syndicated loan.