Annual Report 2022

MANAGEMENT DISCUSSION AND ANALYSIS 19 The United Laboratories International Holdings Limited Annual Report 2022 (g) The Company, as borrower, has entered into a facility letter on 13 September 2022 with Bank of Communications (Hong Kong) Limited for a term loan facility of HK$300,000,000. The term loan facility shall be available for 12 months from the date of acceptance of the facility letter. The term loans under the facility shall be repaid by instalments as 10%, 20%, 20% and 50% of all loans outstanding in the 18, 24, 30 and 36 months respectively from the date of first drawdown. The facility letter imposes, among other matters, Mr. Tsoi Hoi Shan, Ms. Choy Siu Chit, Ms. Ning Kwai Chun and their family trusts shall (i) individually or collectively have the largest shareholding interest in the Company and beneficially own in aggregate (directly or indirectly) at least 40% of beneficial interest, and carrying at least 40% of the voting rights, in all issued share capital of the Company; (ii) be the chairman of the Board; and (iii) remain the absolute management control over the Company and its group. (h) The Company, as borrower, has entered into a facility letter dated 30 August 2022 with Hang Seng Bank Limited for a term loan facility of HKD200,000,000. The term loan facility shall be available for drawdown within 6 months from the acceptance of the facility letter. The term loan shall be repaid by four instalments each as 25% of the loan amount in the 18th, 24th, 30th and 35th months respectively from the date of first drawdown. The facility letter imposes, among other matters, Mr. Tsoi Hoi Shan and his family members shall (i) not cease to be the chairman of the Board; (ii) not cease to be the single largest shareholder of the Company; (iii) individually or collectively not cease to own, directly or indirectly, at least 40% of beneficial interest, and carrying at least 40% of the voting rights, in all issued share capital of the Company; and (iv) not cease to maintain management control over the Company and its group.