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Polaris parts ways with XMI, recovers US$1.5m loan with interest
ELECTRONICS retailer Polaris has sold off its investment in multimedia devices maker XMI and recovered a loan it made to XMI, it said in a Singapore Exchange filing on Wednesday.
Its unit Polaris Device had bought a 30 per cent stake in XMI in 2015 for S$1 and given XMI an unsecured loan of US$1.5 million.
The unit on Dec 23 agreed with XMI's founders that Polaris would sell back the 30 per cent stake for S$1 and that XMI would repay Polaris Device US$1.77 million, made up of the full US$1.5 million principal plus interest accrued at 10.8 per cent per year.