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GUANGDONG Overseas Chinese Trust and Investment Corp (GOCTIC) has signed a US$50 million loan facility to part-finance a 400 MW power plant and a steel sheet plant.

  The Cheung Kong (Holdings)-Hutchison Whampoa group has a 30 per cent stake in the power plant, which is in Nanhai, and is expected to be operational in 1996.

  The steel sheet plant is in Sanshui municipality.

  According to a banker close to the deal, interest in the loan was keen and it had been oversubscribed by 31 per cent. There was also a good mix of lenders.

  A non-bank financial institution, GOCTIC is one of three borrowing windows for the Guangdong provincial government - the others are Guangdong International Trust & Investment Corp (GITIC) and the Guangdong Development Bank.

  One of its main roles is to act as borrower for all government-approved projects in Guangdong province and it reports directly to both the provincial government and the People's Bank of China, the central bank.

  GOCTIC is ranked 34th among mainland banks and financial institutions in terms of total assets. It is an active borrower in the Asian syndicated loan market.



GOCTIC signs loan for power