YY Group Secures SGD 10.5 Million United Overseas Bank Facility, Cutting Finance Costs and Powering Expansion [Yahoo! Finance]
UNITED OVRSEAS BK S/ADR (UOVEY)
NASDAQ:AMEX Investor Relations:
uobgroup.com/investor/index.html
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Source: Yahoo! Finance
solutions and integrated facilities management (IFM), today announced that it has closed a SGD 10.5 million banking facility with United Overseas Bank (UOB), issued in collaboration with Enterprise Singapore (EnterpriseSG), the Singaporean government agency for enterprise development, under their program designed to promote local business expansion. This facility strengthens the Company's ability to pursue strategic growth initiatives and supports financing needs across its manpower outsourcing and IFM businesses. The facility includes financing for Hong Ye Group Pte Ltd, the Company's IFM subsidiary, and YY Circle (SG) Pte Ltd, its manpower outsourcing subsidiary in Singapore, available as needed on a drawdown basis, providing a flexible financing option for YY Group's working capital needs. It is expected to reduce YY Group's annual finance costs by approximately 8%, strengthening financial efficiency and supporting continued operational expansion. Mike Fu, Chief Executive Offic
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News
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