RMB 48 Mln Foshan Sanshui Guarantee

At the 17th Meeting of the 6th Board of Directors, held on 22 Oct 2008, a proposal was examined and approved to provide a joint liability guarantee on RMB 48 mln worth of commercial acceptance bills with Bank of Communications, Foshan branch, taken out by Foshan Sanshui Shuntong Polyester Chip Co., Ltd., a wholly-owned subsidiary of the company. The agreement will be signed after Bank of Communications approves the loan application from Foshan Sanshui.

To date, guarantees provided by the company total RMB 148.36 mln, or 9.41% of the audited net asset value in 2007. These include guarantees for its subsidiaries and counter-party guarantees. There are no guaranteed loans in arrears.

Board of Directors
24 Oct 2008


Source: Securities Times

Date: 24 Oct 2008

CN01/IS/LZ/NK/MM