CHUAN Hup Holdings' wholly-owned subsidiary, CH Biovest, has entered into a new loan agreement dated May 30 to lend PSD Holdings a sum of US$7 million.
The loan is for a two year period and interest on the loan is set at 8 per cent per annum.
"(CH Biovest) has entered into the loan agreement to optimise returns on its available funds," said Chuan Hup in a release to the Singapore Exchange. "This is consistent with the overall objective of the company and its subsidiaries of enhancing shareholder value."
This follows a previous loan of US$10 million granted to PSD under a loan agreement dated April 24.
PSD is a Singapore incorporated investment holding company and is the sole shareholder of Pacific Star Development, a property development company with a special focus to source and invest in the planning development and management of prime development projects in the Asia region. PSD has ownership interests in various property assets in Malaysia and Thailand.