Chinese telecom equipment manufacturer ZTE said Wednesday that its board has approved a plan to allow three Turkish companies in which it owns direct and indirect stakes to jointly guarantee each other’s loans.

The companies involved are Netas Telekomunikasyon AS, Netas Bilisim Teknolojileri AS and BDH Bilisim Destek Hizmetleri Sanayi Ve Ticaret AS, which are all registered in Istanbul, Turkey, according to a filing to the Shenzhen Stock Exchange. The plan will allow the related companies to mutually provide joint guarantees when they borrow money from financial institutions.

The total credit lines guaranteed should be no more than $139 million and can be reusable until Dec. 31, the filing said, adding that the loans will be used by the three companies to maintain daily operations and expand business operations.

ZTE acquired a 48% stake in Turkish systems integration provider Netas Telekomunikasyon in a 2016 deal, becoming the Turkish company’s largest shareholder. Netas Telekomunikasyon is 100% owner of Netas Bilisim, which wholly owns BDH.

Contact reporter Ding Yi (yiding@caixin.com)

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