Metech International (SGX:V3M) signed agreements to extend a loan and convert part of it into equity, according to a Friday filing on the Singapore Exchange.
The company secured a SG$1 million interest-free loan from manager Cao Shixuan in March 2024, with repayment due in 12 months. Under the loan extension deal, Metech will extend repayment of SG$496,000 by three months to June 24.
Separately, the company will convert the remaining SG$504,000 into 18 million new shares at SG$0.028 each. The new shares, representing 9.6% of the enlarged share capital of the company, will increase Metech's total issued shares to 187.6 million.
Cao, who holds no current stake in Metech, will become a 9.6% shareholder after the deal closes.
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