HKG:0129

Asia Orient, Asia Standard International Push Back Against Refinancing Worries Over HK$760 Million Loan

Asia Orient Holdings (HKG:0214) and Asia Standard International Group (HKG:0129) on Wednesday tried to dispel concerns that they were facing hurdles refinancing a loan facility due next week.Asia Orient shares gained nearly 2% in pre-market trade Thursday, while Asia Standard fell nearly 3% in late-morning trade.Responding to media reports in a joint statement with the Hong Kong bourse, the firms said they were looking to refinance HK$760 million due May 27 as opposed to the HK$1.36 billion being widely reported.The firms said they had received approvals from 5 out of 6 banks under the proposed refinancing and were in discussion with the remaining one bank, who would finance 14% of the principal amount.