A new term loan facility of $50m has been agreed with the Industrial and Commercial Bank of China .The balance of the existing facility was repaid by WCC using internally generated resources.

In the event of a listing of WCC's shares on the main Hong Kong Stock Exchange, WCC will be required to prepay 50% of the New Facility.

CEO Jimin Zhang says: "WCC will be able to repay the New Facility out of its internally generated resources even in the event of the Proposed Re-listing without a fundraising."

The Directors expect the HKEx Listing and the De-Listing from AIM to take place between on or around 24 May 2010.

Story provided by Business Financial Newswire