Hatten Land gets more time to repay US$20m loan by pledging more shares to lender
CATALIST-listed property developer Hatten Land has been given more time to repay a US$20 million loan, but more shares in the company have been pledged to the lender, Haitong International Financial Products (Singapore).
Hatten Holdings pledged an additional 360 million ordinary shares it holds in the company to Haitong, bringing the stake pledged to the lender to about 53 per cent.
Hatten Holdings said it will notify the company of any other share-pledging arrangement relating to the shares it holds in the company, and of any event which may result in a breach of the provisions of the convertible loan agreement.
Haitong and Hatten Land had entered the US$20 million convertible loan agreement in 2017. The property developer initially had up to April 10, 2020 to repay the loan, with a partial US$2.5 million payment due by Jan 10.
With the reprieve granted, Hatten Land will now repay the loan in four instalments this year: US$2 million on Jan 10 and US$6 million each on April 10, July 10 and Oct 10.
Hatten Land said it is still in talks with the lender to further extend the payment period for the instalments due to the impact of Covid-19 on its operations.
SEE ALSO
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Air China to buy 100 locally made C919 jets in US$11 billion deal
HCA beats first-quarter profit estimates on higher patient admissions
F&B operator YKGI to exclusively operate Chicha San Chen in Macau for next eight years
LMIRT Q1 net property income dips 3.1% to S$30 million on higher expenses
Exxon misses on Q1 profit despite big gains in Guyana
US FDA approves Pfizer’s gene therapy for rare bleeding disorder