The interest rate of the loan facility is at 8.5% per annum. Under the facility, the company may submit one or more drawdown notices to Tan on any business day before Sept 30. Any amount drawn from the facility will have to be repaid within two years from the disbursement date.
Kim Heng (SGX:5G2
) has entered into a loan agreement with its executive chairman & CEO, Thomas Tan, where Tan will provide the company with a loan facility of $7 million.
Tan is also the company’s controlling shareholder with a 40.28% stake comprising direct and deemed interests.
