DGAP-Adhoc: Haikui Seafood secures loan of 25 million US

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News Desk 2018

Dec 23, 2013 at 11:30 AM

DGAP-Adhoc: Haikui Seafood secures loan of 25 million US dollar and acquires land use rights for new seafood-processing factory

Haikui Seafood AG / Key word(s): Contract 23.12.2013 17:14 Dissemination of an Ad hoc announcement according to Â§ 15 WpHG, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Haikui Seafood secures loan of 25 million US dollar and acquires land use rights for new seafood-processing factory Frankfurt am Main, December 23, 2013. Haikui Seafood AG has secured a 25.0 million US dollar (approximately 18.5 million Euros) long-term loan from DEG (Deutsche Investitions- und Entwicklungsgesellschaft) for its wholly owned subsidiary Fujian Dongshan Haikui Aquatic Products Group Co. Ltd. Haikui Seafood AG will act as guarantor for the loan. The annual interest rate of the loan is the applicable 6-month US dollar LIBOR plus 4 per cent. The loan has a maturity of seven years. According to the loan repayment schedule, the first of ten equal semi-annual instalment repayments is due on March 15, 2016. The purpose of the loan is to contribute to the financing of a new seafood-processing factory on Dongshan Island, which will have an estimated total investment amount of approximately 550.0 million Renminbi (approximately 66.0 million Euros). The long-term bank loan contributes to aligning Haikui Seafood's financing structure with its asset structure and helps the company to successfully pursue its growth strategy. With a total equity position of 156.5 million Euros and an equity ratio of 97.2 per cent as of September 30, 2013, Haikui Seafood has a strong debt capacity. As a first step towards the construction of the new seafood-processing factory, the Chinese subsidiary of Haikui Seafood is expected to sign an agreement with the local authorities in Dongshan regarding the purchase of the required land use rights shortly. The land for the new processing facility is located in the Dongshan Marine Biotechnology Industrial Park, Dongshan Island, Fuijan Province, and has a total size of 1,000 mu (approximately 667,000 square metres). The total purchase price for the land use rights will amount to approximately 110.0 million Renminbi (approximately 13.2 million Euros). --------------------------------------------------------------------------- Information and Explaination of the Issuer to this News: 'The new loan facilitates the planned expansion of our processing capacities. This will not only help us achieve our mid-term growth targets but will also improve our production efficiency. The successful loan agreement indicates the trust and confidence of DEG in Haikui Seafood and our Management to deliver value to the stakeholders', says Chen Zhenkui, CEO of Haikui Seafood. About Haikui Seafood AG Haikui Seafood processes fish and seafood for the Chinese and international markets. Its products range includes frozen or canned fish and seafood, produced from a large variety of species of raw fish and seafood, including prawn, crab, various fish species and shellfish as well as cephalopods. Clients of Haikui Seafood are distributors in China and overseas, located mainly in Asia, the U.S. and Europe. Haikui Seafood employs on average around 700 permanent employees and around 1,150 additional temporary workers in 9M 2013. The company has an annual processing capacity of more than 34,000 tonnes (output). The processing facilities are located in the South-East of China on Dongshan Island, Zhangzhou, Fujian Province. Haikui Seafood operates a streamlined supply chain including self-owned processing facilities, in-house research and product development capacities as well as warehousing and cold storage facilities while simultaneously cooperating closely with raw goods suppliers. About DEG DEG (Deutsche Investitions- und Entwicklungsgesellschaft), a subsidiary of KfW, is one of the largest European development finance institutions for long-term project and company financing. For more than 50 years, DEG has been financing and structuring the investments of companies in developing and transition countries in order to contribute to sustainable progress. For further information please visit www.haikui-seafood.com or contact Kirchhoff Consult AG Anja Ben Lekhal Phone: +49 (0)40 609 186 55 anja.benlekhal@kirchhoff.de 23.12.2013 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Haikui Seafood AG c/oAshurst,OpernTurm,Bockenh.Landstr.2-4 60306 Frankfurt am Main Germany Phone: +49 40 60 91 86 - 0 Fax: +49 40 60 91 86 - 60 E-mail: haikui@kirchhoff.de Internet: www.haikui-seafood.de ISIN: DE000A1JH3F9 WKN: A1JH3F Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, DÃ¼sseldorf End of Announcement DGAP News-Service ---------------------------------------------------------------------------

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