Cathay International Holdings Limited announced that it has agreed a new loan facility for USD 23 million from Cathay International EW No. 43 Limited, a company controlled by Mr. Wu, the Chairman of the Company, on normal commercial terms. The facility will be used to provide working capital for the Group. The facility has an initial term of 1 year, interest is payable at the rate of LIBOR plus 3.5% per annum and is unsecured. In addition, the loan is repayable in certain events of default or in the event that the Company raises capital through the sale of assets or otherwise.