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Chip Eng Seng converts US$4.95m loan into 33.3% stake in Cybint International
CHIP Eng Seng's wholly-owned subsidiary, CES Edutech, has fully converted a US$4.95 million convertible loan provided to Cybint International into shares, it said on Thursday.
The loan, disbursed in January, has been fully converted into 5,000 shares, representing 33.33 per cent of the enlarged issued and paid-up share capital of Cybint International.
As a result of the conversion, Cybint International is now an associated company of Chip Eng Seng.
Based on its latest unaudited management accounts of Cybint International as at June 30, 2020, the net asset value attributable to the conversion shares was approximately negative US$0.52 million.
Cybint delivers innovative education and training solutions in cyber security to organisations and educational institutions, with the aim of training users to develop skills against emerging cyber security threats, Chip Eng said has said previously.