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IHC receives convertible loan facility of up to S$50m from Oxley

Wednesday, February 8, 2017 - 08:09

INTERNATIONAL Healthway Corporation (IHC) said on Wednesday it has entered into a non-binding term sheet with lenders Oxley Holdings, Ching Chiat Kwong and Low See Ching - pursuant to which the lenders propose to grant to IHC convertible loans at an interest rate of 6 per cent per annum. Under the term sheet, Oxley proposes to make available to IHC a loan facility of up to S$50 million.

Mr Ching and Mr Low, who are directors and controlling shareholders of Oxley, propose to make available to IHC a loan facility of up to S$5 million.

The loan is subject to shareholders' approval at an an extraordinary general meeting to be convened.

In the same filing to Singapore Exchange on Wednesday, IHC said a formal police report has been filed against former company director Lim Beng Choo, who had left the office premises with her computer and some documents.

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IHC said that Data Management Corporation (DMC) - which was appointed by IHC last month to protect, secure and preserve the company's records and financial information - had discovered that 4.5 gigabytes of emails were deleted from Ms Lim's company email account.

DMC believes the incident had occurred between 10.30pm on Jan 23 and 10.30am on Jan 24, 2017. Based on the estimated timing, the aforesaid deletion of emails occurred after the extraordinary general meeting of the company, during which Ms Lim was removed as a director and notified of her suspension from any and all of her executive functions in relation to the company.

In the filing, IHC added it has received various claims and demands by lenders and claimants including BNP Paribas Malaysia Berhad and P & O Capital Sdn Bhd.

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