Mooreast Secures SG$20 Million Convertible Loan

MT Newswires Live08-14

Mooreast (SGX:1V3) has finalized a convertible loan agreement with SG-RT Fund, a sub-fund of CEC-SG VCC, for SG$20 million, according to a Tuesday filing on the Singapore Exchange.

The agreement, reached on Aug. 13, follows a non-binding term sheet signed on June 13. The loan, split into a SG$1 million deposit and a SG$19 million balance, will be used for working capital and growth.

The loan will bear an interest rate of 3.7% per annum and matures in three years. Conversion into shares is possible under certain conditions, potentially giving SG-RT up to 26.6% of the company's current share capital.

Approval from shareholders is required as the conversion could lead to a controlling interest. Mooreast will seek this approval at an upcoming extraordinary general meeting.

The net proceeds will be allocated primarily to mergers and acquisitions.

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