China Essence Group has been granted a loan facility for expansion

China Essences Group Ltd., a chinese producer of potato starch and related products, announced it entered into an agreement for a USD 60 million short term loan facility by the DBS bank.

According to the statement, the purpose of the loan facility is to:

acquire two pieces of land in PRC, (ii) purchase equipment and finance the construction of new production facilities on these two pieces of land;and (iii) fund working capital.

No details were provided on the location of the land or the nature of the equipment and production facilities.