On March 4, Conch Cement announced that Anhui Conch Environmental Protection Group Co., Ltd., a subsidiary of the company, provided guarantee for Fuping Conch Environmental Protection Technology Co., Ltd. with a guarantee amount of RMB 17 million.
Fuping Conch Environmental Protection signed a credit agreement with Xi'an Branch of China Merchants Bank Co., Ltd. with a credit line of RMB 17 million and a credit period of one year. Conch Environmental Protection Group signed a guarantee letter to China Merchants Bank Xi'an Branch to provide full joint and several liability guarantee for the above loans. As at the date of this announcement, except for this guarantee, Conch Cement and its subsidiaries have not provided any other guarantee to Fuping Conch Environmental.
