JUNAN COUNTY, China, Feb. 8, 2011 /PRNewswire-Asia-FirstCall/ -- American Lorain Corporation (NYSE Amex: ALN) ("American Lorain" or the "Company"), an international processed snack foods, convenience foods, and frozen foods company-based in the Shandong Province, China, today announced that the head office of Industrial and Commercial Bank of China ("ICBC") has granted American Lorain a RMB 105 million line of credit.
The line of credit was granted to American Lorain group with specific allocation of RMB 40 million to Junan Hongrun, RMB 40 million to Shandong Lorain, and RMB 25 million to Beijing Lorain, American Lorain's three major operating subsidiaries. The line of credit serves as a prerequisite for short term loans and is effective for 1 year.
Mr. Si Chen, Chairman and CEO of American Lorain commented: "American Lorain had a RMB 60 million line of credit from ICBC Shandong branch last year. We are very much delighted to see that now ICBC has approved and extended the line of credit to RMB 105 million on the head office level, which implements more stringent credit standards. We believe obtaining the line of credit is meaningful to our macro cash flow planning and management for the year 2011, which we try to translate into stronger and sustainable growth for the Company going forward."
About ICBC
Industrial and Commercial Bank of China Ltd. (ICBC) is the largest Bank of China's 'Big Four' state-owned commercial banks. It was founded as a limited company on January 1, 1984. As of 2009, it had assets of RMB 11 trillion (US$1.6 trillion), with over 18,000 outlets including 106 overseas branches and agents globally.
About American Lorain Corporation
American Lorain Corporation products include chestnut products, convenience food products and frozen food products. The Company currently sells over 234 products to 26 provinces and administrative regions in China as well as to 42 foreign countries. The Company operates through its five direct and indirect subsidiaries and one leased factory located in China. For further information about American Lorain Corporation, please visit the Company's website at http://www.americanlorain.com.
|
For more information, please contact: |
|
|
At the company: |
|
