Ossen Innovation Announces Loan Financing
Ossen Innovation Co., Ltd. - American Depositary Shares (OSN)
US:NASDAQ Investor Relations:
ir.osseninnovation.com
Company Research
Source: PR Newswire
SHANGHAI, May 28, 2019 /PRNewswire/ -- Ossen Innovation Co., Ltd. ("Ossen Innovation" or the "Company") (Nasdaq: OSN), a China-based manufacturer of an array of plain surface, rare earth and zinc coated pre-stressed steel materials, today announced the loan of HK$20 million (approximately US$2.6 million) from Pujiang International Group Limited ("Pujiang"), a Cayman Islands company indirectly owns 65.9% of Ossen Innovation.This loan is a portion of the proceeds received by Pujiang from its initial public offering in Hong Kong Stock Exchange. The annual interest rate of the loan is 8% and it has a one-year term. The Company will use the proceeds of approximately $1.7 million for paying off the balance due to Dr. Liang Tang, the chairman of Ossen Innovation and approximately $0.9 million for general corporate purposes. About Ossen Innovation Co., Ltd.Ossen Innovation Co., Ltd. manufactures and sells a wide variety of plain surface pre-stressed steel materials and rare earth coated and
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