Announcement on Providing Guarantee for Yudean Shipping Co_ Ltd

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Announcement on Providing Guarantee for Yudean Shipping Co_ Ltd Powered By Docstoc
					Stock Abbreviation: Yue Dian Li A Yue Dian Li B Stock Code: 000539, 200539
Announcement No.: 2007-46



    Announcement on Providing Guarantee for Yudean Shipping Co., Ltd. and adjust

 Guarantee to Yunnan Baoshan Binglang River Hydroelectric Development Co., Ltd. of

                    Guangdong Electric Power Development Co., Ltd.


The Company and its directors hereby guarantee that the content of information disclosure is real,
accurate, complete and free from any false record, misleading representation or material
omissions.
English translation for reference only. Should there be any inconsistency between the Chinese
and English versions, the Chinese version shall prevail.
I. Summary of the Guarantee.
The 4th meeting of the sixth board of directors of the company examined and passed
the Resolution on Providing Guarantee for Yudean Shipping Co., Ltd. and adjust
Guarantee to Yunnan Baoshan Binglang River Hydroelectric Development Co., Ltd.
The Company to provide guarantee for the payable by Guangdong Yudean Shipping
Co., Ltd. for the ships ordered in equity proportion of 35% under the premise that
Guangdong Yudean Shipping Co., Ltd. provides counter guarantee. The amount
guaranteed is RMB 99.225 million.
The Company As approved by the first provisional shareholders' general meeting of
the Company in 2008, the Company provided guarantee in the amount of RMB 87
million to Yunnan Baoshan Binglang River Hydroelectric Development Co., Ltd. for
comprehensive credit line of RMB 300 million extended by Kunming Branch of
China Minsheng Bank Co., Ltd. After adjustment which was approved by this
meeting, the Company will provide guarantee in the amount of RMB 72.50 million
for the loan of RMB 250 million extended by Kunming Branch of China Minsheng
Bank Co., Ltd. in the equity proportion of 29% under the premise that Yunnan
Baoshan Binglangjiang Hydroelectricity Development Co., Ltd. will provide counter
guarantee.
The asset-liability ratio of Yudean Shipping Co., Ltd. has exceeded 70%, and the total
guarantee amount of the company has not exceeded 50% of the audited total net assets
in last year. According to Company Constitution, the above guarantee still need the
approval of the general shareholders meeting of the company.

II. Basic information of the company being guaranteed.
Name: Guangdong Yudean Shipping Co., Ltd.
Location: Room 1388, 13/F, Labor Building, Honghuayuan, Nanshan District,
Shenzhen.
Legal representative: Liang Jian.
Registered capital: RMB 0.2 billion
Type of company: Limited liability company
Business Scope: Domestic coastal transportation of general cargo, international ship
transportation of general cargo, domestic commerce, supply and marketing of
materials (not including monopolized commodities) and harbor tug operation (subject
to relevant permit).
The company has related relations with Guangdong Yudean Shipping Co., Ltd.
Major financial situation: By September 30,2008, the company's total assets is
3,472.24 million, total liabilities of RMB 3,113.29million , and net assets RMB
358.95 million , assets and liabilities rate 89.66% .

Name: Yunnan Baoshan Binglang River Hydroelectricity Development Co., Ltd
Location: No. 208, Zhengyang North Road, Yongchang Town, Longyang District
Baoshan City.
Legal representative: Liu Yibin.
Registered capital: RMB 0.593 billion
Type of company: Limited liability company funded by non-natural persons.
Business Scope: hydropower development, power sales to network, engineering
construction, power plant operation & management, investment & management,
aquaculture and other operations.
The company has no related relations with Yunnan Baoshan Binglangjiang
Hydroelectricity Development Co., Ltd .
Major financial situation: By September 30,2008, the company's total assets is
1,865.59 million, total liabilities of RMB 1,266.74 million , and net assets RMB
598.85 million , assets and liabilities rate 67.9%.
III. Main content of the guarantee agreement.
Mode of guarantee: to provide joint liability guarantee with credit;
Period: 3 years(Providing Guarantee for Yudean Shipping Co., Ltd.) and 12 years(Providing
Guarantee for Yunnan Baoshan Binglang River Hydroelectric Development Co., Ltd.);
Amount: RMB 99.225 million(Providing Guarantee for Y     udean Shipping Co., Ltd.) and RMB 72.5
million(Providing Guarantee for Yunnan Baoshan Binglang River Hydroelectric Development Co., Ltd.)
IV. Opinion of the board of directors.
The board of directors believes that: Yudean Shipping Co., Ltd and Yunnan Baoshan Binglang
River Hydroelectric Development Co., Ltd, which has stable operation and good credit. And the
two company had provided anti-guarantee for our company. The guarantee risk is
controllable. Providing guarantee for the two company will not harm the interests of
our company .
V. Quantity of accumulated external guarantees and quantity of overdue
guarantees.
By this guarantee, the total external guarantee amount approved by The board of
directors is RMB 1,239.295 million, which occupies 13.55% of the net assets audited
in the nearest period. The company has no overdue guarantee events.
VI. Documents for reference.
1. Resolutions of the 4th meeting of the sixth board of directors;
2. Guarantee contract.

     This announcement is hereby made.


The Board of Directors of Guangdong Electric Power Development Co., Ltd.
October 23, 2008

				
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