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Overview

China Eximbank provides RMB 47 million loan for Ningxia Zhongyin Cashmere's acquisition of Todd & Duncan (Linked to Record ID#99897)

Commitments (Constant USD, 2023)$9,544,592
Commitment Year•2009Country of Activity•United KingdomDirect 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, 2009
Start (actual)
Jul 30, 2009
End (actual)
Jul 30, 2009

Geospatial footprint

Map overview

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This loan supported the acquisition of Todd & Duncan, including a four-year lease of Todd & Duncan's cashmere and lambswool spinning mill. Their headquarters are located at Lochleven Mills, Kinross KY13 8DH, United Kingdom. More detailed locational information can be found at https://www.openstreetmap.org/way/60539285.

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 Policy Banks

  • Export-Import Bank of China (China Eximbank)

Cofinancing agencies

State-owned Commercial Banks

  • Bank of China (BOC)
  • BOC International Holdings Limited (BOCI)

Receiving agencies

Private Sector

  • Ningxia Zhongyin Cashmere Co., Ltd.

Loan desecription

China Eximbank provides RMB 47 million loan for Ningxia Zhongyin Cashmere's acquisition of Todd & Duncan

Interest type•Unknown

Narrative

Full Description

Project narrative

On November 16, 2008, Chinese textile and cashmere company Ningxia Zhongyin Cashmere Co., Ltd. signed a framework agreement with Dawson International PLC, a subsidiary of Dawson International Trading Limited, for the acquisition of Dawson's Kinross, Scotland-based cashmere division Todd & Duncan, and its fixed assets, inventory, intangible assets, and related assets for a purchase consideration of £6.15125 million GBP ($9.47 million USD). Then, sometime in 2009, the London and the Ningxia Branches of the Bank of China (BOC) and BOC International Holdings Limited issued a loan to support the acquisition by Ningxia Zhongyin Cashmere. Record ID#99897 captures BOC's loan. Furthermore, also in 2009, the Shaanxi Branch of the Export-Import Bank of China issued a RMB 47 million loan to support the acquisition by Ningxia Zhongyin Cashmere. Record ID#99916 captures China Eximbank's loan. Todd & Duncan's brands include Todd & Duncan, T&D, T&D Cashmere, Todd & Duncan Cashmere, Brown Allan, and it owned proprietary technology and had various supply and sale relationships. On June 16, 2009, Ningxia Zhongyin Cashmere's board of directors approved the proposed acquisition, which the company would establish a wholly-owned overseas subsidiary to hold Todd & Duncan. On June 17, 2009, Dawson International announced that it had signed an agreement with Ningxia Zhongyin Cashmere for the sale of the assets of Todd & Duncan. The acquisition was completed on July 30, 2009. The Todd & Duncan division was renamed to Todd & Duncan Limited after the completion of the acquisition. The acquisition included a four-year lease on the cashmere and lambswool spinning mill at Lochleven Mills, Kinross, Scotland. On December 23, 2019, Ningxia Zhongyin Cashmere sold its 100% interest in Todd & Duncan Limited to Ningxia Zheao Enterprise Management Partnership, a subsidiary of Chinese wool and cashmere company Zhejiang Xinao Textiles Inc.

Staff comments

1. The specific borrowing institution is unclear. AidData assumes that Ningxia Zhongyin Cashmere Co., Ltd. was either the direct borrower or the parent of the borrower. 2. The Chinese project title is 中银绒业股份有限公司成功收购英国道森国际集团公司下属的苏格兰邓肯羊绒纱厂.