DGAP-Adhoc
Asian Bamboo AG: PROPARCO demands immediate repayment of the PROPARCO-Loan; repayment claim amounts to approx. EUR 14.0 million
Asian Bamboo AG / Key word(s): Miscellaneous
25.12.2014 18:29
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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PROPARCO demands immediate repayment of the PROPARCO-Loan; repayment claim
amounts to approx. EUR 14.0 million
Hamburg, 25 December 2014 - Asian Bamboo AG ("Asian Bamboo", " the
Company", ISIN: DE000A0M6M79, ticker symbol: "5AB", ADR ticker symbol
"ASIBY") informs that it received a letter from PROPARCO, a subsidiary of
Agence Française de Développement ("PROPARCO"), pursuant to which PROPARCO
demands the repayment of the outstanding amounts under the PROPARCO-loan on
or before 30 December 2014. The early repayment demand is based on
non-compliance of several provisions of the loan agreement by the Company.
The amount claimed by PROPARCO amounts to EUR 13,951,043.33. As announced
19 December 2014, Deutsche Investitions- und Entwicklungsgesellschaft mbH
("DEG") also demands immediate repayment of its loan. The amount claimed by
DEG amounts to USD 16,131,346.21.
The company has offered DEG and PROPARCO to repay the entire loans by 30
September 2015, well ahead of the original expiration dates in 2017 and
2018. These Demand Notices for Acceleration Repayment must be considered
startling and inconsistent with previous statements and agreements.
However, the Company has sufficient funds and credit-facilities to pay the
amount claimed by PROPARCO and DEG. On 30 September 2014 cash and cash
equivalents amounted to EUR 26.6 million. In addition, Mr. Lin has set up a
credit facility of EUR 11.8 million between the Company and himself.
Moreover the Company is asset rich, generates positive operating cash flows
and has the continued backing of Mr. Lin Zuojun, the Company's founder,
largest shareholder and CEO.
For enquiries, please contact:
Asian Bamboo AG:
Peter Sjovall +852-9385 3868
Chief Financial Officer peter.sjovall@asian-bamboo.com
Anja Holst +49-(0)40 37644 798
Investor Relations Director anja.holst@asian-bamboo.com
About Asian Bamboo AG:
Asian Bamboo is a leading integrated company in the bamboo industry. The
Company currently owns long-term leasing rights for 40 bamboo plantations
with a total size of 50,338 hectares (ha). It is planning to diversify its
business into property development. As a National Key Flagship Enterprise,
amounts to approx. EUR 14.0 million
Hamburg, 25 December 2014 - Asian Bamboo AG ("Asian Bamboo", " the
Company", ISIN: DE000A0M6M79, ticker symbol: "5AB", ADR ticker symbol
"ASIBY") informs that it received a letter from PROPARCO, a subsidiary of
Agence Française de Développement ("PROPARCO"), pursuant to which PROPARCO
demands the repayment of the outstanding amounts under the PROPARCO-loan on
or before 30 December 2014. The early repayment demand is based on
non-compliance of several provisions of the loan agreement by the Company.
The amount claimed by PROPARCO amounts to EUR 13,951,043.33. As announced
19 December 2014, Deutsche Investitions- und Entwicklungsgesellschaft mbH
("DEG") also demands immediate repayment of its loan. The amount claimed by
DEG amounts to USD 16,131,346.21.
The company has offered DEG and PROPARCO to repay the entire loans by 30
September 2015, well ahead of the original expiration dates in 2017 and
2018. These Demand Notices for Acceleration Repayment must be considered
startling and inconsistent with previous statements and agreements.
However, the Company has sufficient funds and credit-facilities to pay the
amount claimed by PROPARCO and DEG. On 30 September 2014 cash and cash
equivalents amounted to EUR 26.6 million. In addition, Mr. Lin has set up a
credit facility of EUR 11.8 million between the Company and himself.
Moreover the Company is asset rich, generates positive operating cash flows
and has the continued backing of Mr. Lin Zuojun, the Company's founder,
largest shareholder and CEO.
For enquiries, please contact:
Asian Bamboo AG:
Peter Sjovall +852-9385 3868
Chief Financial Officer peter.sjovall@asian-bamboo.com
Anja Holst +49-(0)40 37644 798
Investor Relations Director anja.holst@asian-bamboo.com
About Asian Bamboo AG:
Asian Bamboo is a leading integrated company in the bamboo industry. The
Company currently owns long-term leasing rights for 40 bamboo plantations
with a total size of 50,338 hectares (ha). It is planning to diversify its
business into property development. As a National Key Flagship Enterprise,
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