Ho is the executive chairman, CEO and controlling shareholder of Mary Chia, while Chia is her mother and the former executive chairman of the group.
Mary Chia Holdings has entered into a conditional debt capitalisation agreement (DCA) with Ho Yow Ping (or Wendy Ho), Chia Ah Tow (Mary Chia) and JL Asia Resources (collectively the participating credits) for the proposed debt conversion and issue of 25.5 million shares at a price of 15 cents per conversion share.
As at the date of the agreement, on March 1, the total amounts owed to the creditors is at $3.8 million.
