Mooreast Signs Deal to Convert Subsidiary's SG$13 Million Shareholder Loan Into Shares

MT Newswires06-19 10:58

Mooreast (SGX:1V3) agreed to assume the SG$13.0 million shareholder loan of subsidiary Mooreast Asia and extend its maturity by five years to Nov. 23, 2031, according to a Friday filing with the Singapore Exchange.

Under the new terms, the mooring company will partially settle the debt through the issuance of more than 44.4 million new shares to the lender, deputy chairman Sim Koon Lam, at SG$0.135 per share or a total of SG$6.0 million.

Meanwhile, the remaining SG$7.0 million can be settled through the issuance of 25 million shares at SG$0.28 per share.

The debt-to-equity conversion exercise would allow the company to strengthen its balance sheet.

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