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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Oil settles down on US jobs data, steepest weekly loss in three months
Europe: Shares end higher on tech support; banks slide
US: Stocks rally on cooler hiring numbers
Google, US clash over search advertising as trial winds down
Apple rallies most in 18 months on upbeat forecast, buyback
US: Wall St opens sharply higher on soft jobs data