Softcare Unit Enters FX Forward Contracts

MT Newswires Live

06/17

Softcare (HKG:2698) unit Sunmart Trading FZCO entered into an FX forward contracts with China CITIC Bank Corporation Limited Guangzhou Branch on Monday, according to a Wednesday Hong Kong bourse filing.

Under the contract, Sunmart Trading agreed to sell 29.9 million euros and buy $34.7 million for hedging against its exposure to exchange rate movements on its foreign currency assets.

Hygiene product maker Sunmart Trading is required to place deposits of 14.1 million yuan with the bank to secure its obligations under the contract.

The bank is a unit of China CITIC Bank (HKG:0998, SHA:601998).

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