AFEX will use the funding injection to repay debt and use as additional working capital and to strengthen its position in the market, enabling AFEX to really take advantage of any future opportunity.
AFEX’s current and forward orders are strong, partly due to AFEX having a policy of “no new moulds”. AFEX still believes these “compatibles” face continued legal action in the future. AFEX says it will always supply a true remanufactured, recycled product and not a new modified copy.
“In a crisis financial era, of caution and risk analysis, it is very encouraging for AFEX to have outside investor confidence in the company.” Said Colin Lewis, Chief Operating Officer of AFEX. “This demonstrates confidence, not only in AFEX, but also the industry”.
Helena Ho, Chairman of the parent company Jackin Holdings, said “Our future banking facilities will be primarily with mainland banks that offer more co-operative partnerships with industry. The China banks do not have the issues of many international banks and are vigorously supporting employment and promotion of export sales.”