July 8, 2013
Sri Lankan dairy firm to improve facility worth US$42 million
UK's HSBC banking group has granted a credit worth LKR5.5 billion (US$42.1 million) to Sri Lanka's state-run Milco (Pvt) Ltd, a dairy products firm, to modernise its factories.
HSBC has previously helped channel European exports credits to state backed projects.
HSBC Limited in Hong Kong had provided €28.7 million (US$37 million) as buyer's credit at 200 basis points above the six-month London Interbank Offered Rate, a 0.5% structuring fee and 1.0% commitment fee on the undisbursed balance.
HSBC Colombo had provided €5.06 million (US$6.5 million) at 600 basis points above Libor.
Milco markets and sells 'Highland' branded milk powder, liquid milk, ice cream and cheese.
