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Agile Group secures HK$400M term loan facility

Agile Group Holdings Ltd. secured a HK$400.0 million term loan facility from an unidentified bank.

The validity of the 36-month facility is conditional on the Chen family owning more than 50% of Agile Group's total issued ordinary share capital and having management control over the company. Under the contract, it will also be an event of default if Chen Zhuo Lin is replaced as chairperson of the group's board.

As of Dec. 19, the Chen family holds a 64.43% stake, or 2,523,880,500 ordinary shares, in Agile Group.