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2003-11-28 11:22:00 a.m. HKT, XFNA
HK's Paladin re-mortgages redeemed Peak Road redevelopment project from BOC
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HONG KONG (AFX-ASIA) - Property Developer Paladin Ltd (495.HK) said it
has redeemed an upmarket re-development project on 10-12 Peak Road from BOC
Hong Kong (2388.HK) and re-mortgaged the project to another bank.
The unidentified bank has granted Paladin a term loan facility of 660 mln
hkd for the redemption and the construction cost of the project.
Paladin should repay the facility in full to the bank on 30 September
2004 or six months from the issuance of an occupation permit from the
government for the project.
The loan is secured by the aggregate of 267.82 mln shares or 50.7 pct of
the company's issued capital owned by majority shareholder Five Star
Investments Ltd.
(1 usd = 7.80 hkd)
peter.chan@afxasia.com
ptc/ram
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