ZICO Holdings (SGX:40W) has signed convertible loan agreements worth up to SG$2 million with investors Yap Wee Chun, Kok Chee Kheong, Wong Kwok Yuen and Hamdan (L) Foundation, according to a Tuesday filing on the Singapore Exchange.
The loan, carrying an 8% annual interest, may be converted into up to 49.3 million new shares at SG$0.0406 each-a 10% premium to the three-month volume-weighted average price on the Singapore Exchange.
Proceeds will be used for working capital and business expansion.
The notes mature 24 months from the subscription date. Both the company and the investors can opt for early repayment between months 13 and 15, subject to specific terms.
Yap is an executive director at DutaLand, Kok is involved in aviation, Wong is a remiser at UOB Kay Hian, and Hamdan (L) Foundation is a private investment entity.
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