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Signing of Bond Facility Agreement in Singapore
2015-07-14
On July 14, SsangYong E&C signed an agreementof bond facility for an amount of 60 Mil. Singapore Dollars with United Overseas Bank (UOB), the largest private bank in Singapore.Considering Singapore’s common requirement of demanding a performance guarantee of 10%, the recently signed facility is an amount with projects of approximately 600 Mil. Singapore Dollars.In consequence, the company’s bidding competitiveness is expected to improve anda sufficient amount of credit is secured for all types of works including civil projects which are relatively long-term processed.The reason SsangYongE&C was able to sign the bond facility agreement is that not only did the financial stability vastlyrecover but also because risks from contingent liabilities of project financing resolved, and the Company’s excellent quality of performance maintained continuously. Considering UOB(United Overseas Bank) is Singapore’s largest private bank, the signing of the bond facility agreement is expected to have a positive impact on the Company in attaining additional bond facilities with other financial institutions (banks, insurance companies, etc.) in Singapore.