Thursday, 12 Jan 2017 13:00 | By Yutang Sports
Oceans Sports released an announcement, saying that they are going to submit an application to the Internet Financial Center Branch of the Bank of Beijing for a working capital loan of RMB 50M.
The announcement shows that Oceans Sports plan to get a working capital loan of RMB 50M for one year from the Internet Financial Center Branch of the Bank of Beijing. The guarantor will be the Beijing Culture and Technology Financing Guarantee Company. Shoto Shu, the actual Controller and Holding Shareholder of Oceans Sports, will mortgage his house and pledge his 22 million company shares (45.83% of the total company shares) to provide a counter-guarantee for the company loan for free.
Oceans Sports indicate that the loan will be used to supplement its working capital, reduce financial stress and support its operation and development.
According to some industry insiders, this loan is related to the cooperation that Oceans Sports already enjoys with the British IPSO (International Professional Scouting Organization) in the industry of professional football scouts. Oceans Sports has obtained the exclusive operational rights of the IPSO Football Scouting Course in China for the next five years, as well as all the rights to IPSO’s business development and cooperation in China as its exclusive partner.
Source: Changjiang Times
Proofread by Sean O Diobhilin