You are here

OEL Holdings plans to issue up to $40m in convertible bonds

OEL Holdings, an investment holding company, on Tuesday said it plans to issue up to S$40 million in redeemable zero-coupon convertible bonds to Pacific Alliance Asia Opportunity Fund.

The bonds will be issued in 20 separate successive tranches, each tranche having an aggregate principal amount of S$2 million, which may be convertible into ordinary shares in the company.

If all the bonds are issued and fully converted into new shares at the minimum conversion price of S$0.04, the maximum number of new shares issued will represent more than double the existing share capital of the firm.

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes