Shaoneng Group secures credit lines, share pledge update

Guangdong Shaoneng Group (SZSE:000601) announced resolutions from its 15th extraordinary meeting of the 11th Board of Directors, approving new credit facilities for the company and its subsidiaries. The company will pursue a CNY 300 million credit line from China Everbright Bank. Subsidiaries Shaoneng Group Shaoguan Risheng Biomass Power Generation and Shaoneng Group Shaoguan Hongda Gear will pursue CNY 30 million and CNY 35 million credit lines from Industrial Bank and China Guangfa Bank, respectively. These facilities will finance working capital and domestic letters of credit.