Incredible Holdings could borrow up to S$9.41m from controlling shareholder

CATALIST-LISTED apparel retailer Incredible Holdings inked deals on Tuesday to borrow up to S$9.41 million from companies linked to a controlling shareholder.

The loans, which can be repaid in cash, new shares or a mix of both, "are primarily to fund the company's business operations", the board said in a bourse filing. It said the funds could go to new acquisitions, funding for Incredible's financing business, growth of the luxury goods business, and general corporate and working capital.

The bulk comes from an unsecured, interest-free loan facility for up to S$9.1 million, extended by controlling shareholder Mission Well. This company, owned by executive director Christian Heilesen, has a 28.15 stake in Incredible, which used to be known as Vashion Group.

The rest is from Go Best Holdings, which has a 1.84 per cent interest in Incredible and is owned by a family trust, the beneficiaries of which are Mr Heilesen's relatives. Otherwise, no other directors, controlling shareholders or substantial shareholders have interests in the Mission Well and Go Best loan agreements, said the board.

Both the loan agreements are interested-person transactions under Catalist rules, it noted, but added that there have been no other interested-person transactions for the year to Dec 31, 2020.

Shares closed flat at 1.3 Singapore cents on Tuesday, before the announcement.