H&H GROUP ANNOUNCES SUCCESSFUL COMPLETION OF REFINANCING

KUALA LUMPUR, June 28 (Bernama) -- H&H Group has announced the successful completion of the issuance of a new three-year bond amounting to US$200 million. (US$1=RM4.65)

According to a statement, this is an important milestone for the Group’s liability management exercise to refinance its outstanding bond which will mature in October 2024.

This achievement enables the Group to maintain a stable and sustainable capital structure, alongside preserving the Group's liquidity for operational and business development purposes.

“This refinancing will enable more financial flexibility to successfully deliver on our strategic objectives, to provide the best for our consumers, customers and our shareholders,” said H&H Group Interim Chief Executive Officer and Chief Strategy & Operations Officer, Akash Bedi.

Meanwhile, H&H Group Chief Financial Officer, Jason Wang said: “This accomplishment showcases the Group’s resilience in raising capital, particularly during challenging market conditions and persistent external headwinds.

“We are extremely pleased with the successful conclusion of this debt refinancing, as it propels us towards a solid path of reducing debt levels and effectively managing risk on our balance sheet, ultimately strengthening our financial position.”

The Group also successfully broadened and diversified its investor base from this new bond issuance, including new investors from the Middle East, Asia and Europe, in line with the business footprint expansion in those regions.

It has successfully raised RMB500 million through a long-term loan agreement with China Construction Bank Corporation Guangzhou Development District Branch (CCB).

The loan, provided to H&H China, a wholly-owned subsidiary of H&H Group, will be used to further enhance the Group’s liquidity position and diversify its sources of capital.

-- BERNAMA