HONG KONG (XFN-ASIA) - CASH Financial Services Group Ltd and unit Celestial Asia Securities Holdings Ltd said they have advanced about 586.9 mln hkd in loan to an invididual client, Al-Rashid Saad Abdulrahman, who is an associate of a substantial shareholder of both companies, to help him buy securities from an initial public offering (IPO) in Hong Kong.
The company undertaking the IPO was not identified, and no other details were given about Al-Rashid.
The companies said in a statement the cash advance was unsecured and carries an interest rate of not more than the prevailing prime lending rate being offered by the HongKong and Shanghai Banking Corp and is repayable on demand.
The advance was granted based on normal commercial terms and carries commercial rates similar to those offered to margin clients of the CASH Financial Services group of companies, they added.
(1 usd = 7.8 hkd)
jun.concepcion@xfn.com
jc/net
The company undertaking the IPO was not identified, and no other details were given about Al-Rashid.
The companies said in a statement the cash advance was unsecured and carries an interest rate of not more than the prevailing prime lending rate being offered by the HongKong and Shanghai Banking Corp and is repayable on demand.
The advance was granted based on normal commercial terms and carries commercial rates similar to those offered to margin clients of the CASH Financial Services group of companies, they added.
(1 usd = 7.8 hkd)
jun.concepcion@xfn.com
jc/net