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Metech to close crowdfunded bond offer by next week

CROWDFUNDING platform FundedHere has launched a S$2 million junk-bond offer from Catalist-listed waste management company Metech International to accredited investors, and expects the offer to be fully taken up within the next week, a spokeswoman for FundedHere said on Tuesday.

The high-yield two-year bond is paying a coupon rate of 8 per cent per annum. FundedHere is targeting a minimum subscription of S$50,000 each from accredited investors.

As announced in October, Simon Eng, as the largest shareholder of Metech, will pledge his equity stake for the bond as security. The S$2 million will be used to fund Metech's supply chain management business.

Under a depository arrangement with Singapore Exchange, lenders to Metech will receive coupon payments in their CDP (Central Depository) accounts.

FundedHere holds a capital markets services licence from the Monetary Authority of Singapore. A listed company seeking to issue a bond through FundedHere need not issue a prospectus, FundedHere said.

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Metech posted a profit of S$147,000 for the first fiscal quarter ended Sept 30, 2016, reversing a loss of S$1.36 million a year ago. Its net operating cash flow at end-September this year stood at S$329,000.

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