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Capital World obtains HK$50m share financing with controlling shareholders' shares
CAPITAL World Limited said it has obtained a HK$50 million (S$8.7 million) share financing from a licensed money lender Great View Finance Limited.
The group also recently secured a S$4 million bank loan from RHB Bank Berhad for general working capital purpose.
The shares financing bears an interest rate of 10 per cent per annum and the loan is to be repaid within a 12-month period.
A total of 166.5 million shares of the company held by three controlling shareholders will be pledged for the shares financing. These represent 13.1 per cent of the group's issued and paid-up shares.
Siow Chien Fu, one of the controlling shareholders and CEO of the group, said: "This will allow the group to further strengthen our foothold in Malaysia with more property development projects."