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INTERNATIONAL Healthway Corporation (IHC) has had its convertible loan facilities from Oxley Holdings and its chief executive and deputy chief executive terminated, after the duo sold their stakes to developer OUE.
In a filing on Singapore Exchange on Monday evening, IHC said it had received a letter from all three parties on Feb 19 to terminate the term sheet for the loan with immediate effect in view of the takeover offer from OUE.
The company had on Feb 6 entered into a non-binding term sheet for a convertible loan facility of up to S$5 million from Ching Chiat Kwong and Low See Ching, the CEO and deputy CEO of Oxley respectively
It had also entered into another convertible loan facility of up to S$50 million by Oxley Holdings.
Still, the group has drawn some S$1.51 million and RM335,014 (S$106,610) from the first loan, and this is repayable on demand together with an accrued interest of 6 per cent a year.
Meanwhile, in a separate announcement, OUE said it has completed the acquisition of a further 35.77 per cent of IHC. These stakes were owned by Mr Ching, Mr Low, Mr Low's sister Audrey Low and another shareholder called Tee Wee Sian.
This brings its stake up to 57.6 per cent.
OUE has launched a mandatory unconditional cash offer for all the IHC shares it does not already own, at 10.6 Singapore cents apiece.