The loan is secured by a corporate guarantee from a Hatten Land (SGX:PH0
) subsidiary in Malaysia, a charge of over 760 million Hatten Land shares, 345 retail units within the project, plus personal guarantees by "certain directors" of Hatten Land. They were not named.
Hatten Land has received a notice of default dated Jan 30 from Haitong International Financial Products (Singapore), over a US$20 million convertible loan.
The loan, extended back in May 21 2020, was to help finance the Hatten City Project, among others.
