Bromat Holdings (SGX:9I7) entered into a loan agreement with Frank Liu Tao for an interest-levied loan of up to SG$600,000, according to a filing with the Singapore Exchange on Saturday.
Under the conditions of the loan, Bromat will have to appoint Liu as a non-executive and non-independent director of the company within 30 days. He will then be a representative of Valiant Investments, the 50% shareholder of the company's controlling shareholder, Gazelle Ventures.
The loan amount can be drawn down in tranches with an annual interest rate of 15%.
The catering company intends to utilize the loan for its working capital needs.
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