HONG KONG, April 30, 2015 /PRNewswire/ -- SMI Holdings Group Limited ("SMI" or the "Company" and its subsidiaries, collectively the "Group", HKEx: 198), one of the largest movie theater operators in China, announced that 23 subsidiaries of the Company entered into the Trust Loan Agreement with Hwabao Trust Co., Ltd ("Hwabao Trust"), in which Hwabao Trust has agreed to make available the Trust Loans in the aggregate principal amount of RMB1.35 billion for a five-year term at an interest rate of 8% per annum. An application for the listing of the asset-backed securities on the Shenzhen Stock Exchange has been made by Hwabao Trust to CSRC and other relevant PRC authorities.
The proceeds from the trust loans shall be used as general working capital, and will be principally used for the construction and development of movie theatres. SMI hopes that its number of movie theatres in operation will reach 170 to 200 at the end of the year.
About SMI Holdings Group Limited (0198.HK)
SMI Holdings Group Limited (0198.HK) is a company listed on the Main Board of the Stock Exchange of Hong Kong. The Company is principally engaged in the business of movie theater operating and new complementary business, such as Xingmeihui and advertising & promotion business. Under its strong management team and powerful business network, the number of SMI's movie theater has grown from 3 in 2009 to near 100 by the end of 2014.
