On July 24, tianjin zhongwang aluminum co., LTD., a wholly-owned subsidiary of China zhongwang holdings co., LTD. (hereinafter referred to as "China zhongwang"), announced that it has entered into syndicated loan agreements with six large state-owned Banks with a maximum amount of RMB 20 billion or equivalent for 10 years.Syndicated loans for the development of tianjin high value-added aluminum rolling projects.

   At present, tianjin high value-added aluminum rolling material project is proceeding as planned and as scheduled. The first phase includes two production lines, with an annual design capacity of 1.8 million tons. The construction of the plant and infrastructure of the first production line has been completed, and the equipment debugging of the final stage is currently underway.The successful construction of aluminum rolling material project will improve the industrial chain layout of the group, form three business models of resource sharing and complementary advantages with industrial aluminum extrusion and deep processing business, and enhance the group's core competitiveness in the long run.

   Lu changqing, executive director and vice-president of China zhongwang, said: "this syndicated loan has received extensive support from China's six major state-owned Banks, which fully reflects the financial community's confidence in China zhongwang's future development and the Chinese government's strong support for the development of high-end manufacturing.The tenor of the syndicated loan is up to 10 years, which will enable the group to deploy its capital more flexibly and optimize its debt structure, which will benefit the long-term development of the group."

   During the preparation of syndicated loans, major domestic Banks actively participated.Industrial and commercial bank of China co., LTD. Liaoning branch as a total lead arranger, the bank of China co., LTD. Liaoning branch as joint lead arranger, deputy lead arranger respectively co., LTD., tianjin branch of agricultural bank of China and the export-import bank of China, industrial and commercial bank of China tianjin wu qing branch as agent, and other credit lines include China construction bank co., LTD., tianjin branch, bank of communications co., LTD. Liaoning branch, etc.