(PRESS RELEASE) HONG KONG, 12-May-2020 — /EuropaWire/ — Leading international banking group Standard Chartered has announced that Vinda International Holdings Ltd (3331.HK)’s subsidiary Vinda Household Paper (China) Limited is Asia’s first company to take an advantage of the bank’s US$1 billion financing commitment aimed at helping companies tackle Covid-19.
Vinda’s first drawdown for US$23 million on a loan facility will help the company, which has 14 sites worldwide and in March opened a separate face mask production line, meet the demand for epidemic prevention products in China and other markets. In just one month after the onset of the outbreak, Vinda added facilities in its manufacturing sites in Zhejiang and Guangdong to produce face masks, with an output capacity of up to 7 million pieces per month currently.
China has 50% market share of the global face mask production. Daily output has reached 100 million pieces as the PRC Government invited corporations to shift existing capacity to the production of face masks and other personal protection equipment (PPE).
Standard Chartered has been part of a number of transactions this year that help the fight against Covid-19, and launched this additional US$1 billion programme on 30 March to provide financing on a non-profit basis to companies making products and services that help the front line fight the virus and its impacts.
Simon Cooper, CEO of Corporate & Institutional Banking at Standard Chartered, said: “Our priority is to help get the right products and services to the front line, and this facility is the first in Asia. We’re particularly pleased to be helping a company such as Vinda, with a track record of sustainability.”
Christoph Michalski, Chief Executive Officer of Vinda, said: “As a leading hygiene product company in Asia, Vinda has been doing its best to protect the environment and fulfill its corporate social responsibility. We spare no efforts in pursuing sustainable development. To cope with the threat of the epidemic, Vinda does its utmost to meet the needs of all sectors of society for hygiene products and epidemic prevention products. Vinda and the public are united in fighting against the epidemic and overcoming the difficult times.”
Vinda, majority-owned by Swedish company Essity, produces several well-known tissue brands and personal care products, sourcing pulp from around the world including Scandinavia and South America. It was the first FMCG company in Hong Kong to secure a green loan in accordance with the “Green Finance Pre-Issuance Stage Certificate” issued by the Hong Kong Quality Assurance Agency, and focuses on pulp that is certified or comes from responsible sources.
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Vinda is a leading hygiene product company in Asia. Founded in 1985, the Group is always committed to the philosophy of “Healthy Lifestyle Starts with Vinda” and strives to provide high-quality hygiene products and services for families. Vinda has established ten advanced production bases in mainland China and has two major production bases in Malaysia, one production base in Taiwan and one post-processing factory in Australia. Vinda runs four core business segments, namely tissue, incontinence care, feminine care and baby care under key brands such as Vinda, Tempo, Tork, TENA, Dr.P, Libresse, Libero and Drypers.
SOURCE: Standard Chartered