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Sinotruk awarded 1.8b yuan credit line

(chinadaily.com.cn)
Updated: 2007-07-09 10:39

Special coverage: Auto Shanghai 2007
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Agricultural Bank of China'sShandongbranch has signed a cooperation agreement with China National Heavy Duty Truck Group Co Ltd (Sinotruk) to provide the truck maker with a 1.8 billion yuan credit line.

The bank will deliver its agreement in forms offixed assetloans and short-term liquidity loans. The bank will also provide financial services to all Sinotruk affiliates in international business, settlement business, cash management, financial consultancy and asset management.

In the last six years, Sinotruk has increased by 12-fold in turnover. Its market share is 5.6 times what it was six years ago. In the first five months of this year, sales grew by 60.93 percent from the same period last year, completing the first half-year sales goal one month ahead of time.

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The full text is available in the July Issue ofAutoChina.