SkyPeople Fruit Juice receives $8M in funding from a related party

theflyonthewall.com

SkyPeople Fruit Juice announced that SkyPeople Juice Group, a 99.78%-owned subsidiary of the company, has entered into a one-year unsecured term loan agreement with SkyPeople International Holdings Group, an indirect beneficial shareholder of the company, for a principal amount of $8M. The loan bears an interest at 6% per annum, which the management of the company believes to be lower than the currently available market interest rate. The purpose of the loan is to fund the development of the sales network and channels of the company's Hedetang-branded fruit juice beverage business in China.

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