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MARINE services firm Ezra Holdings has fully redeemed its S$95 million fixed rate notes due on Monday, after obtaining a secured S$100 million loan from banks.
The loan was secured through share pledges over the entire issued share capital of Emas Offshore Ltd and Triyards Holdings, both owned directly by the company.
It was also made on the condition that non-independent chairman Lee Kian Soo and group CEO Lionel Lee will not own less than 20 per cent of Ezra, whether directly or indirectly.
Shares in Ezra ended 2.6 per cent lower at 11.2 Singapore cents on Monday, before the announcement.
Amendment note: An earlier version of this article stated that the firm has no more outstanding notes remaining, based on the announcement made by the firm. Ezra has clarified that while it has no more of the S$95m fixed rate note tranche remaining, there will be a S$150m fixed rate note tranche maturing in April 2018.