Annual Report 2021

MANAGEMENT DISCUSSION AND ANALYSIS 16 The United Laboratories International Holdings Limited Annual Report 2021 (g) The Company, as borrower, entered into a banking facility letter dated 23 September 2021 with Fubon Bank (Hong Kong) Limited for a revolving loan facility of up to HK$200,000,000. Each advance under the facility letter shall be for an interest period of one, two or three month(s) at the Company’s option. Each advance shall be repaid at the end of the interest period. The facility letter imposes, among other matters, Mr. Tsoi Hoi Shan and his family members shall (i) remain as the single largest shareholder of the Company; (ii) hold over 40% of the issued shares of the Company; and (iii) remain the absolute management control over the Company and its group companies. (h) The Company, as borrower, entered into a facility agreement dated 8 December 2021 with China Everbright Bank Co., Ltd., Hong Kong Branch for uncommitted term loan facility of up to HK$200,000,000 (or its equivalent amount in EUR or USD). The term loan facility shall be available for drawdown within 3 months from the acceptance of the facility agreement. The term loan under the facility shall be repaid by instalment as 10%, 20%, 20% and 50% of all outstanding drawdowns as at the end of the term loan facility available period in the 18th, 24th, 30th and 36th month respectively from the date of first drawdown. The facility agreement imposes, among other matters, Mr. Tsoi Hoi Shan, Ms. Choy Siu Chit, Ms. Ning Kwai Chun and their family trusts (i) individually or collectively do not cease to be the single largest shareholder of the Company; (ii) individually or collectively hold at least 40% of the entire issued capital of the Company; and (iii) do not cease to be the chairman of the Board and management control over the Company.