Yunnan Tin Co. Ltd. said Dec. 15 that its wholly owned subsidiary Yunnan Tin Trading Shanghai Co. Ltd. will apply for bank loans of 400 million Chinese yuan from four commercial banks.
The unit recorded a net profit of 10.5 million yuan in the first 10 months, compared to the 550,500 yuan posted in full-year 2015. Its debts totaled 212.5 million yuan as of Oct. 31, with assets estimated at 623.6 million yuan.
Yunnan Tin will be the guarantor for the loans and, as of the announcement date, has acted as guarantor for 4.48 billion yuan worth of loans for its subsidiaries.
As of Dec. 14, US$1 was equivalent to 6.90 Chinese yuan.