TORONTO, November 25, 2011 – Asia Bio-Chem Group Corp. (TSX: ABC) ("Asia Bio-Chem") is pleased to announce that it has successfully renewed its 200 million RMB ($32.3 million) operating line with China Construction Bank for another 12 months.
This facility will bear a floating rate of interest based on 115% of the Peoples Central Bank Rate or approximately 7.544%. The facility will continue to be secured against the assets of the Company’s Daqing plant.
“We are very pleased to announce this renewal which demonstrates the support we enjoy in our banking relationships.” said Zhiping Wang, President and CEO.