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Ace Achieve Infocom given S$600,000 lifeline by Rayhii Holding Limited
BEIJING-HEADQUARTERED telecommunications company Ace Achieve Infocom announced on Thursday it has received a S$600,000 loan from Rayhii Holding Limited (RHL) to help finance the group's working capital and current operations.
This includes the payment of salaries and professional fees to third parties specified in the loan agreement, Ace Achieve said.
No interest is due for the three-month loan but largest shareholder Deng Zelin has pledged his direct and indirect shareholding as collateral for the loan and made a personal guarantee for timely repayment. RHL has the option to extend the loan for a further three months.
On Thursday, RHL also acquired a combined 29 per cent stake in Ace Achieve from two entities for S$1.74 million. The deal - at 0.8 cent per share - was completed at an arm's length negotiation, on a willing-seller, willing-buyer basis with Full Achieve Investments Limited and Ace Victory Holdings Limited.
Ace Achieve shares have been suspended since Nov 23, 2018.