Global International Credit : Discloseable Transaction – Provision of Financial Assistance

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GLOBAL INTERNATIONAL CREDIT GROUP LIMITED

環球信貸集團有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1669)

DISCLOSEABLE TRANSACTION PROVISION OF FINANCIAL ASSISTANCE

PROVISION OF THE NEW LOAN

The Board is pleased to announce that on 10 January 2019, GICL, as lender, entered into Loan Agreement B with Customer D, as borrower, pursuant to which, GICL has agreed to grant a secured loan in the amount of HK$6,000,000 for a term of 12 months.

Prior to the entering into of Loan Agreement B, GICL, as lender, has entered into Loan Agreement A for the grant of an existing secured loan in an amount of HK$12,500,000 to Customer A, Customer B and Customer C.

The Group is principally engaged in money lending business of providing property mortgage loans and personal loans in Hong Kong under the Money Lenders Ordinance. GICL, as the lender of the New Loan and the Previous Loan, is an indirect wholly-owned subsidiary of the Company.

LISTING RULES IMPLICATIONS

As each of the Customers is associated with each other (details of their relationship are set out in the section headed "Information on the Customers" in this announcement), the grant of the New Loan and the Previous Loan to the Customers requires aggregation under Rule 14.22 of the Listing Rules. As the applicable percentage ratios in respect of the New Loan and the Previous Loan in aggregate exceed 5% but are less than 25% under Rule 14.07 of the Listing Rules, the grant of the New Loan and the Previous Loan constitutes a discloseable transaction for the Company under Chapter 14 of the Listing Rules.

PROVISION OF THE NEW LOAN

The Board is pleased to announce that on 10 January 2019, GICL, as lender, entered into Loan Agreement B with Customer D, as borrower, pursuant to which, GICL has agreed to grant a secured loan in the amount of HK$6,000,000 for a term of 12 months, details of which are as follows:

LOAN AGREEMENT B

Date of agreement	:	10 January 2019
Lender	:	GICL
Borrower	:	Customer D
Principal	:	HK$6,000,000
Interest rate	:	11.8% per annum
Term	:	12 months commencing from the loan drawdown date
Security	:	A first legal charge/mortgage in respect of two residential properties
located in Prince Edward with valuation conducted by an
independent property valuer on 31 December 2018 with an
aggregate amount of HK$12,000,000
Repayment	:	The borrower shall repay interest on the principal in 12 monthly
instalments and the principal amount at loan maturity
Interest	:	Interest is calculated on a daily basis with the maximum amount of
HK$708,000 throughout the term
Early repayment	:	The borrower may at any time before the loan maturity repay the
principal by giving GICL not less than one month's prior written
notice

PROVISION OF THE PREVIOUS LOAN

Prior to the entering into of Loan Agreement B, GICL, as lender, has entered into Loan

Agreement A for the grant of an existing secured loan in an amount of HK$12,500,000 to Customer A, Customer B and Customer C. A summary of Loan Agreement A is set out as follows:

LOAN AGREEMENT A

Date of agreement	:	31 December 2018
Lender	:	GICL
Borrowers	:	Customer A, Customer B and Customer C
Principal	:	HK$12,500,000
Interest rate	:	9% per annum
Term	:	12 months commencing from the loan drawdown date
Security	:	A first legal charge/mortgage in respect of a residential property and
a car parking space located in Ho Man Tin with valuation conducted
by an independent property valuer on 4 October 2018 with an
aggregate amount of HK$30,000,000
Repayment	:	The borrowers shall repay interest on the principal in 12 monthly
instalments and the principal amount at loan maturity
Interest	:	Interest is calculated on a daily basis with the maximum amount of
HK$1,125,000 throughout the term
Early repayment	:	The borrowers may at any time before the loan maturity repay the
principal by giving GICL not less than one month's prior written
notice

INFORMATION ON THE CREDIT RISK RELATING TO THE NEW LOAN AND THE PREVIOUS LOAN

The New Loan and the Previous Loan are collaterised against three residential properties and one car parking space provided by the Customers with an aggregate loan-to-value ratio of approximately 44% based on the value of the mortgaged properties for the New Loan and the Previous Loan as determined by an independent property valuer.

The advances in respect of the New Loan and the Previous Loan were made based on (i) the Group's credit assessments on the financial strength and repayment ability of the Customers; and (ii) the collaterals provided by the Customers, which are at prime sites in Hong Kong. After taking into account the factors as disclosed above in assessing the risks of the relevant advances, the Group considers that the risks involved in the advances to the Customers are acceptable to the Group.

FUNDING OF THE NEW LOAN

The Group will finance the New Loan with the Group's general working capital.

INFORMATION ON THE CUSTOMERS

Customer A

Customer A is a company incorporated in Hong Kong which is principally engaged in the business of property holding and is an Independent Third Party. Each of Customer B and Customer C is (i) a director; and (ii) one of the ultimate beneficial owners of Customer A.

Customer B

Customer B is an individual and an Independent Third Party. He is one of the directors and ultimate beneficial owners of Customer A and Customer D. He is also the brother of Customer C.

Customer C

Customer C is an individual and an Independent Third Party. He is one of the directors and ultimate beneficial owners of Customer A and Customer D. He is also the brother of Customer B.

Customer D

Customer D is a company incorporated in Hong Kong which is principally engaged in the business of property holding and is an Independent Third Party. Each of Customer B and Customer C is (i) a director; and (ii) one of the ultimate beneficial owners of Customer D.

The Customers are repeated customers of the Group with outstanding loans with the Group, prior to the grant of the New Loan, of HK$12,500,000 and there is no record of default as at the date of this announcement. To the best of the knowledge, information and belief of the Directors having made all reasonable enquiry, the Customers are third parties independent of the Company and its connected persons.

INFORMATION ON THE GROUP AND GICL

The Group is principally engaged in money lending business of providing property mortgage loans and personal loans in Hong Kong under the Money Lenders Ordinance. GICL, as the lender of the New Loan and the Previous Loan, is an indirect wholly-owned subsidiary of the Company.

REASONS FOR ENTERING INTO THE LOAN AGREEMENTS

Taking into account the principal business activities of the Group, the grant of the New Loan and the Previous Loan to the Customers is in the ordinary and usual course of business of the Group.

The terms of the Loan Agreements were negotiated on an arm's length basis between GICL and the Customers. The Directors consider that the grant of the New Loan and the Previous Loan is financial assistance provided by the Group within the meaning of the Listing Rules. The Directors are of the view that the terms of the Loan Agreements were entered into on normal commercial terms based on the Group's credit policy. Taking into account the satisfactory financial background of the Customers and that a stable revenue and cashflow stream from the interest income is expected, the Directors consider that the terms of the Loan Agreements are fair and reasonable and the entering into of the Loan Agreements are in the interests of the Company and its shareholders as a whole.

LISTING RULES IMPLICATIONS

As each of the Customers is associated with each other (details of their relationship are set out in the section headed "Information on the Customers" in this announcement), the grant of the New Loan and the Previous Loan to the Customers requires aggregation under Rule 14.22 of the Listing Rules. As the applicable percentage ratios in respect of the New Loan and the Previous Loan in aggregate exceed 5% but are less than 25% under Rule 14.07 of the Listing Rules, the grant of the New Loan and the Previous Loan constitutes a discloseable transaction for the Company under Chapter 14 of the Listing Rules.

DEFINITIONS

In this announcement, the following expressions have the following meanings:

"Board"	the board of Directors
"Company"	Global International Credit Group Limited, a company
incorporated in the Cayman Islands with limited liability, the
shares of which are listed on the Stock Exchange
"Customers"	Customer A, Customer B, Customer C and Customer D
"Customer A"	one of the borrowers of Loan Agreement A, being a
company incorporated in Hong Kong and an Independent Third
Party