SinoCloud signs convertible bond agreements with two separate investors

CATALIST-LISTED SinoCloud Ltd announced that it had on Tuesday entered into two separate convertible bonds agreements worth approximately S$2.26 million.

The individuals - Lam Cho Ying Terence Joe and Soo Kok Beng Peter - subscribed for the bonds worth S$1.73 million and S$528,000 respectively which were offered at 100 per cent of the principal amount of the bonds, SinoCloud said.

The bonds bear interest rate of 12 per cent per annum, payable quarterly in arrears and can be redeemed after a two-year period from the date of issue.

Both Mr Lam and Mr Soo were the bondholders of the May 2015 convertible bonds that SinoCloud issued, and had been approached by the company to subscribe for the new bond agreements.

The May 2015 convertible bonds had expired on May 26 with no conversion taking place yet.

SinoCloud shares closed flat at 0.2 Singapore cent on Tuesday.