Asia
GA Technologies Enters 4 Billion Yen Financial Agreement for Working Capital
GA Technologies (TYO:3491) has entered into a nearly 4 billion yen overdraft agreement with Mizuho Bank to secure working capital.The loan is set to be executed on Sept. 14 and mature on Oct.14, according to a Tokyo bourse filing on Wednesday.The unsecured borrowing carries financial covenants requiring the company to maintain consolidated equity at no less than 75% of the October 2022 fiscal year-end level and to avoid negative operating profit for each fiscal year.Additionally, the company must maintain an inventory turnover period of less than 1.5 months for each quarter.
TYO:3491
