KTL Global gets 2-year bank loan extension

MAINBOARD-LISTED offshore and marine equipment dealer KTL Global has secured a two-year extension of a bank loan, the board said on Tuesday.

The group received formal confirmation in writing on Monday, in a move that extended a S$13.9 million loan by 24 months, said the board in a bourse filing.

According to KTL Global's full-year financial statements, which were filed in February, the group had faced a technical breach of financial covenants for loans to the tune of S$24.5 million altogether.

The company later said that it was, as of April, working to get bank waivers for breaches related to certain loan facilities, so that those lenders could continue extending loans to it.

It also disclosed at the time that it was finalising an extension and waiting for confirmation of an in-principle approval for the S$15.2 million loan due on Apr 22, 2019.

KTL Global added 1.2 Singapore cents or 30 per cent to 5.2 cents on Tuesday before the announcement.