Fiesta Development is owned by Chin Bay Ching, who is also the controlling shareholder of Adventus Holdings. As at Sept 20, Chin has a direct and deemed interest of 756.6 million ordinary shares, or a 30.86% stake in Adventus.
Adventus Holdings, on Sept 20, entered into a loan agreement with Fiesta Development Pte Ltd, where the latter has agreed to loan the former US$10 million ($14.1 million).
The loan comes with an interest fee of 5% per annum and is repayable in full at the end of 12 months from the loan disbursement date. The loan agreement also comes with the option of an extension for another 12 months or beyond, with notice given to the lender (Fiesta Development) in writing.
