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Cooperation Agreement Between Listed Enterprise and Pudong Development Bank
Shanghai's first listed and collectively owned enterprise, the Fortune Group, signed a cooperative agreement with the Shanghai Pudong Development Bank today and received 500 million yuan (US$60 million) in loans.
According to the agreement, the bank will offer overall services to the enterprise, including participating in the group's reform, asset assessment, financial affairs, and the issuing of bonds.
It was reported that 80 million yuan will be used by the group' s managers and staff to buy housing, cars and other consumer goods.
Sources from the bank noted that the move was a breakthrough compared with the bank's traditional functions and has expanded the bank's cooperation with enterprises.
President of the Fortune Group, Guo Guangchang, said that the bank has played an important role in the group's development since the bank became the group's advisor in 1998.
Cooperation between the two sides began five years ago when the group was founded. Now the group has become a biomedicine high- tech enterprise. The group's annual sales income reached 2.8 billion yuan (US$337 million) and taxes amounted to 80 million yuan (US$9.63 million).
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