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Electronics Production | December 03, 2010

Scanfil EMS signed 40 MEUR loan

Finland based Scanfil plc's 100% owned subsidiary Scanfil EMS Oy has signed a loan agreement amounting to EUR 40 million. Scanfil plc also increases ownership in iLOQ Oy.
The Loan is being granted by Nordea Pankki Suomi Oyj and the Loan maturity is five years. The Loan is used to repay the loans of Scanfil EMS Group to it's parent company Scanfil plc, which are related to the returning of equity made in the autumn 2009 and a loan granted by Scanfil plc to Scanfil EMS Oy's subsidiary Scanfil Oü operating in Estonia. Scanfil plc will use the capital in investment activities.

Scanfil plc has also subscribed shares in iLOQ Oy's share issue, which entail Scanfil Oyj's share of ownership to increase from 18,7 percent to 23,6 percent. At the same time iLOQ Oy will become associated company of Scanfil plc.

iLOQ develops, manufactures and markets advanced high security electronic locking solutions based on environment friendly self-powered identification technology. In 2008 company has been rewarded among others with the prize of IFSEC Security Industry Award in the category "Physical Security Product of the Year" and the InnoFinland prize. The company was established in 2003. Company's main office is situated in Oulu, Finland.

Other associated companies of Scanfil Group are Kitron ASA, Greenpoint Oy, IonPhase Oy and Panphonic Oy.

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