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Jason's CEO pledged shares totalling 15.75% stake in company

Wednesday, June 3, 2015 - 08:24
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Jason Holdings' CEO Jason Sim has pledged his shares amounting to a total 15.75 per cent stake in the company to four other parties.

JASON Holdings' CEO Jason Sim has pledged his shares amounting to a total 15.75 per cent stake in the company to four other parties.

The largest of these was the transfer of 20 million shares, or 9.26 per cent of Jason Holdings' share capital, to Malayan Banking on May 20, as collateral for a revolving credit facility taken up by Mr Sim.

Mr Sim had also on April 7 entered into a credit wrap agreement with Lantau Holdings for a series of limited recourse loans. On April 30, he transferred 10 million shares, amounting to a 4.63 per cent stake in the company, to Lantau Holdings as collateral for the loans.

In March, Mr Sim had transferred two million shares each to OCBC Securities and Maybank Kim Eng Securities as collateral for a share margin financing facility.

The provider of timber flooring services made these disclosures in response to a query on unusual trading activity by the Singapore Exchange on Thursday May 28, after the counter rose 0.78 per cent to S$0.645 amid heavy trading.

The firm said it is still in the process of assessing the terms of the rights issue announced on April 24, and will make further announcements when there are material developments relating to the issue.

Trading in Jason Holdings shares, which was suspended on Friday morning, will resume on Wednesday.

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