Resolution no. 15-10/2015 of board of Directors of The Pan Group

The Pan Group (PAN) announced the resolution no. 15-10/2015/NQ-HDQT of board of Directors of The Pan Group

Pursuant to:

-        Enterprise Law 2015 approved by the National Assembly on 01/07/2015;

-        Company’s Charter of The PAN Group (“the Company”) on 25/08/2015;

-        Securities Law No. 70/2006/QH11 approved by the 11th National Assembly of Socialist Republic of Vietnam on 29/06/2006;

-        Meeting Minute No.      /2015/BBH-HĐQT on 01 October 2015 of the Board of Directors; 

DECIDES

Item 1. Approval that The PAN Group (“PAN”) will execute the signing of credit line agreements with one or more than one banks with the following details:

Maximum credit limit (accumulated amount): VND 300,000,000,000 billion (Three hundred billion Vietnamese dong). 
Period: under 12 months.
Interest rate: as negotiated between PAN and the banks, expected to be between 6% p.a and 7% p.a.
Purpose: Financing working capital
Pledged assets: HOSE listed shares owned by the PAN Group of the following companies:
  • Vietnam National Seed Joint Stock Company (NSC)
  • Aquatex Ben Tre Joint Stock Company (ABT)
  • Long An Food Processing Export Joint Stock Company – Lafooco (LAF)
  • Bibica Joint Stock Company (BBC). 
Item 2. To authorize the Chairman to decide on specific terms of the short-term loans, including but not limited to: the partner bank(s), interest rate, loan period, loan amount, quantity and list of shares to be pledged.

Item 3. Assign the Company’s Management team to contact and negotiate these terms with local commercial bank(s) and summit to the Chairman for short-listed one(s); facilitate the signing and utilizing of credit line agreement(s) in order to balance the short-term financial needs of The PAN Group for investment projects and operation plans.

Item 4. This Resolution shall take effect from the date of signing. The Board of Directors and related individuals are responsible for implementing this Resolution.

Please download the file attached:

vEN_Resolution_2015_15_Short-term credit line.pdf




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