AUDIO products firm Alco Holdings raised $170 million through a syndicated loan signed yesterday.
The company's subsidiary, Alco Electronics, borrowed the money for two years from a syndicate led by a Japanese bank.
The funding was in two tranches. The first of $75 million was a two-year term loan. The second was a $95 million revolving loan arrangement.
The cash will be used to develop telecommunications products and expand manufacturing facilities for audio equipment, according to the company.
''As part of our business expansion plan, the new factory at Shun Shan [in Guangdong province] will be dedicated to the production of telecoms products. It is initially scheduled for completion by the middle of 1995,'' chairman Kimen Leung said.
The syndicate comprised 10 banks and finance companies.