Cosmopol Int'l Holdings Limited announces that its wholly-owned subsidiary Bizwise Investments Limited has signed a second supplementary agreement with the wholly-owned subsidiary of Regal Int'l Holdings Limited, Long Profits Investments Limited, to amend certain terms of the existing loan financing agreement. According to the new agreement, the maturity date of the total loan financing amount of 0.857 billion HKD will be extended from October 12, 2024, to October 12, 2027, and the interest rate will change from a fixed annual rate of 5% to the one-month Hong Kong Interbank Offered Rate plus 1.95%. The loan financing will continue to be secured by the interests in the mid-level holding companies of Cosmopol in the Chengdu and Tianjin property projects. Cosmopol states that...Show More

Cosmopol Int'l Holdings Limited announces that its wholly-owned subsidiary Bizwise Investments Limited has signed a second supplementary agreement with the wholly-owned subsidiary of Regal Int'l Holdings Limited, Long Profits Investments Limited, to amend certain terms of the existing loan financing agreement. According to the new agreement, the maturity date of the total loan financing amount of 0.857 billion HKD will be extended from October 12, 2024, to October 12, 2027, and the interest rate will change from a fixed annual rate of 5% to the one-month Hong Kong Interbank Offered Rate plus 1.95%. The loan financing will continue to be secured by the interests in the mid-level holding companies of Cosmopol in the Chengdu and Tianjin property projects. Cosmopol states that the extension of the loan term will provide the group with ample time to execute the sales plan and benefit from the gradual recovery of the real estate market in China. Cosmopol expects that the net cash from asset sales during the period from 2025 to 2027 will be sufficient to repay the loan. This related party transaction requires approval from Cosmopol's independent shareholders. The Independent Director Committee of Cosmopol considers that the terms of the agreement are fair and reasonable, in the overall interest of the company and the shareholders, and recommends independent shareholders to vote in favor of the relevant resolutions. Cosmopol will hold a special shareholders' meeting on December 30, 2024, to discuss this matter.