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IHC to hold EGM; refinancing plans may be affected

INTERNATIONAL Healthway Corporation (IHC) will be holding its extraordinary general meeting on Monday, Jan 23, at 2.30pm, with two main resolutions to be considered: the removal of the four current directors who make up the entire board, as well as the appointment of three new directors.

The company on Dec 15, 2016, announced the proposed refinancing of a mezzanine loan of up to 8 billion yen (approximately S$99.2 million) with a loan period of three years to refinance the TMK bonds issued by IHC Japan First TMK, and the proposed senior debt financing.

In response to the EGM, the Japanese financial institution advising on and arranging for the proposed TMK refinancing informed that it is not willing to continue with its engagement with the company should there be a change in IHC's board of directors in the next week.

According to IHC, consequent to any cessation of the proposed TMK refinancing, the proposed Japan refinancing may also be jeopardised should any of the directors be removed at the EGM.

In its SGX filing, IHC advised shareholders of the company, in the meantime, to exercise caution when trading in the shares of the company.

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