Annual Report 2022

MANAGEMENT DISCUSSION AND ANALYSIS 18 The United Laboratories International Holdings Limited Annual Report 2022 (d) The Company, as borrower, entered into a loan agreement dated 19 May 2022 with China Minsheng Banking Corp., Ltd Hong Kong Branch for a term loan facility equal to equivalent of HK$300,000,000. The term loan facility shall be available for drawdown within 3 months from the date of the loan agreement. The term loans under the facility shall be repaid by instalments as 20%, 20%, 20% and 40% of all loans outstanding on the last date of available period in the 18, 24, 30 and 36 months respectively from the date of first drawdown. The loan agreement imposes, among other matters, Mr. Tsoi Hoi Shan, Ms. Choy Siu Chit, Ms. Ning Kwai Chun and their family trusts (individually or collectively, directly or indirectly) (i) remain the single largest shareholder of the Company; (ii) hold beneficially at least 40% of the issued share capital of the Company; and (iii) have management control over the Company or the group. (e) The Company, as borrower, has entered into a facility letter dated 9 June 2022 with Chiyu Banking Corporation Limited for a term loan facility up to HK$300,000,000. The term loan facility shall be available for drawdown within six months after the date the facility letter having been duly countersigned by the Company. The term loan under the facility letter shall be repaid by instalments as 10%, 20% and 20% on the original principal amount of the facility on the date falling 18, 24 and 30 months respectively from the date of first drawdown. The remaining all outstanding balance (including interest accrued thereon) shall be repaid on the date falling 36 months from the date of first drawdown. The facility letter imposes, among other matters, Mr. Tsoi Hoi Shan and his family member(s) shall (i) remain as the chairman of the Board; and (ii) maintain not less than 40% of the issued shares of the Company. (f) The Company, as borrower, has entered into a facility agreement dated 2 September 2022 with China Merchants Bank Co., Ltd., Singapore Branch (as mandated lead arranger and bookrunner), Industrial Bank Co., Ltd., Hong Kong Branch, and Pingan Bank Co., Ltd. for a term loan facility up to HK$1.1 billion. The loans under the facility agreement shall be repaid in installments as 10%, 10% and 80% of the loan amounts on the dates falling 12, 24 and 36 months respectively after the first utilisation of the facility. The facility agreement imposes that, among other matters, Mr. Tsoi Hoi Shan, Ms. Choy Siu Chit, Ms. Ning Kwai Chun and their family trusts collectively, directly or indirectly (i) constitute the single largest shareholder of the Company; (2) own not less than 40% of the issued share capital of the Company, and (iii) do not cease management control over the Company or the Group.