GMC: Board resolutions on bank loan

Sai Gon Garment Manufacturing Trade Joint Stock Company (GMC) announces the Board resolution dated December 10, 2018 as follows:

1. Approving to borrow capital at Joint Stock Commercial Bank For Foreign Trade Of Viet Nam (Vietcombank) – Ho Chi Minh branch, including:

-       Total amount: VND400,000,000,000

-       Purpose of loan: to purchase the raw materials, pay salaries and production costs.

-       Loan period: 12 months

-       Mortgage assets: the whole of stake of GMC in Sai Gon Xanh Garment Com. Ltd.

2. Approving to borrow capital at HSBC (Viet Nam) Bank, including:

-       Total amount: USD5,000,000

-       Purpose of loan: to finance the import and buy goods in the country

-       Loan period: 6 months

-   Mortgage assets: receivables of USD1,000,000 and assurance of maintaining inventory of USD1,000,000.

3. Approving the company to act as guarantee for subsidiary at Vietcombank – Ho Chi Minh branch with total amount of VND30,000,000,000.

HOSE

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