Autagco Secures SG$1 Million Loan from Controlling Shareholder

MT Newswires

Jan 07, 2025

Autagco (SGX:1D3), formerly LifeBrandz Ltd, has entered a third loan agreement with its controlling shareholder, Aurico Global Holdings, for a facility of up to SG$1.0 million to support business expansion and working capital needs, according to a Monday filing on the Singapore Exchange.

The agreement allows drawdowns in tranches of up to SG$250,000 each, with a 2.8% annual interest rate over a 24-month term. The loan follows amendments to a prior agreement with the lender, reducing the interest rate to 2.8% from 5%.

Aurico Global owns 27.92% of Autagco's issued share capital. Executive Chairman Ng Boon Hui, also a director of Aurico Global, holds a 70% stake in the lender.

The company rationalized the financing by citing a net current liability position of SG$1.7 million as of July 31, 2024.

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The loan follows amendments to a prior agreement with the lender, reducing the interest rate to 2.8% from 5%.</p><p>Aurico Global owns 27.92% of Autagco's issued share capital. Executive Chairman Ng Boon Hui, also a director of Aurico Global, holds a 70% stake in the lender.</p><p>The company rationalized the financing by citing a net current liability position of SG$1.7 million as of July 31, 2024.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK6000","symbol_name":"餐馆","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2501292696","we_media_id":"1060499803","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2501292696","pubTimestamp":1736208364,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"MT Newswires","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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