First Capital, a leading financial services firm, announced that it had provided a $30 million unsecured Trade Payable Facility to Proview International Holdings Limited (PIHL), a Hong Kong public company, for the benefit of its manufacturing operations in China and Malaysia. Under the facility, PIHL will be able to fund purchases of components on deferred credit terms for its growing TV and consumer electronics business.
The facility is the first that First Capital has provided within Asia. The transaction was originated by Finance Access Inc., a Hong Kong-based financial consultancy firm and structured with the support of Ecoban Finance Limited LLC, a trade finance advisory firm located in New York.
Commenting on the transaction, Rowell Yang, CEO and Chairman of PIHL stated: "First Capital's facility provides flexible working capital funding at a time of tight credit conditions in Asia. It's a win-win for Proview as well as its supply chain members."
Anthony Brown, International Managing Director of First Capital said, "This facility broadens our reach into Asia to assist companies facing restricted access to working capital resulting from the ongoing global credit crunch." Mr. Brown went on to say, "Importers, exporters, their lenders and logistics service providers benefit from our expanded supply chain finance solutions, of which the Proview transaction is the latest example."
About First Capital
First Capital (www.FirstCapital.com) is a leading commercial financial services firm providing prompt, professional and reliable working capital solutionsoutsourcing, primarily for middle-market companies and institutions. With over $1 billion in total committed lines, First Capital is one of the largest independent and fastest-growing commercial finance companies in the United States. The firm focuses on asset-based lendingaccounts receivable managementcredit protectioninternational supply chain financingservicing for clients in North America and Asia. The firm also manages asset portfoliosreceivables-backed securities. Combining a unique blend of traditional and progressive banking methods, First Capital provides clients with customized support needed to grow and maintain their business. Based out of West Palm Beach, Florida, the firm has full-service offices in major cities including New York, Los Angeles, Ft. Lauderdale, Oklahoma City and Atlanta as well as Asian subsidiaries in Hong Kong and Manila.
About Proview International Holdings Limited
Proview International Holdings Limited (HKEx: 334) is the world's leading display devices producer. The Group commands a global sales and distribution network covering 50 countries with strong leverage of its world-class manufacturing facilities in China, Taiwan and Brazil. For more information, please visit www.proview.com.