E-COMMODITIES subsidiary obtains a bank credit limit of up to 210 million RMB

E-COMMODITIES (01733.HK) announced that its wholly-owned subsidiary Hainan Fuduo has entered into several credit contracts and related guarantee documents with the Haikou International Trade Branch of the Industrial and Commercial Bank of China. Accordingly, the bank agrees to provide Hainan Fuduo with a non-specific credit limit not exceeding RMB 150 million (the same below); a dual-priority credit limit not exceeding RMB 50 million; and a derivative-specific credit limit not exceeding RMB 10 million, all valid from January 1 of this year to December 31.

The bank's credit will be used for issuing letters of credit, import letters of credit under pledged financing, working capital loans, trade financing, and foreign exchange derivative transactions in the course of its normal business operations. In view of the bank providing credit to Hainan Fuduo under the credit contract, E-COMMODITIES agrees to provide the bank with a corporate guarantee not exceeding RMB 210 million, to jointly guarantee Hainan Fuduo's performance of all obligations under the credit contract