GUANGZHOU, China, Jan. 7, 2015 /PRNewswire/ – Sino Agro Food, Inc. (OTCQB: SIAF.QB) is an integrated, diversified agriculture technology and organic food company (the “Company”) with principal operations as primary producer, processor, and marketer in the People’s Republic of China (“PRC”).
Agricultural Development Bank of China (“ADBC”) has doubled its loan facilities to SJAP to 80M RMB (from40M RMB). In November 2014, Sino Agro announced it would evaluate and explore proposed listing and M&A opportunities for SJAP, its integrated cattle farm subsidiary.
ADBC is one of the largest banks in China, and is owned by the Chinese Government.
Chairman and CEO of the Company, Solomon Lee commented, “I am glad that such a well renowned bank as Agricultural Development Bank of China showed their trust in us by doubling the size of its loan commitment to SJAP. The loan amount itself is not yet particularly significant, but the loan process inChina works this way. Starting with smaller loans, the bank builds confidence, and gradually increases commitments. We look forward to a continued good relationship with ADBC, taking us forward on this path, and helping us reach our goals for SJAP.”