Under the agreement, CMBC will extend the credit line of Wison Group, the parent company of Wison Offshore, up to 5 billion yuan.
“Our partnership with CMBC will enhance our financial capabilities and reinforce our investment in expanding our strategic and innovative product portfolios, such as floating liquefied natural gas (FLNG) and buoyant tower,” Wison chief executive Cui Ying said.
Since August 2013, Wison Offshore has been facing cash flow constraints in developing new projects and challenges in securing bank credit lines following the corruption probe into Hua Bangsong, chairman of Wison Group.
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