Annual Report 2021

MANAGEMENT DISCUSSION AND ANALYSIS 15 The United Laboratories International Holdings Limited Annual Report 2021 (c) The Company, as borrower, entered into a facility letter dated 28 May 2021 with Nanyang Commercial Bank Limited for term loan facility of HK$150,000,000 (or its equivalent amount in USD or EUR). The term loan under the facility letter shall be repaid by four instalments on the dates falling the 18th, 24th, 30th and 36th month after 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) 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. (d) The Company, as borrower, entered into a facility letter dated 9 August 2021 with Bank of China (Hong Kong) Limited for a term loan facility up to HK$200,000,000. The term loan under the facility letter shall be repaid in full one year from the date of first drawdown. The facility letter imposes, among other matters, Mr. Tsoi Hoi Shan and his family members shall maintain as the chairman of the Board and maintain not less than 40% controlling interests of the Company. (e) The Company, as borrower, entered into a facility letter dated 9 August 2021 (amended on 4 October 2021) with Chiyu Banking Corporation Limited for a revolving loan facility up to HK$300,000,000. The loan under the facility letter shall be repaid or reborrowed at the end of interest period either one, two or three month(s), and the principal shall be repaid every twelve months after the date of each 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, entered into a banking facility letter dated 16 September 2021 with Industrial and Commercial Bank of China (Asia) Limited for loan facilities of USD20,000,000 (or its equivalent in HKD, EUR or RMB). The loans under the facility letter are with tenor of maximum one year and repayable on demand. The facility letter imposes, among other matters, Mr. Tsoi Hoi Shan and his family members shall (i) remain as the chairman of the Board of the Company; (ii) maintain, directly or indirectly, as the single largest shareholder with at least 40% shareholding in the Company; and (iii) remain the absolute management control over the Company and its group companies.