OKH Global unit issuing S$8m preference shares

PROPERTY developer OKH Global says its wholly-owned subsidiary, Chronoz Investment Holdings, will be issuing S$8 million worth of redeemable convertible preference shares, to fund its purchase of a 15 per cent stake in Pan Asia Logistics Holdings Singapore (PAL).

OKH, which announced on Aug 18 that Chronoz would acquire that stake in PAL for S$21.5 million, entered into a non-binding agreement with Zana Capital on Saturday, to raise funds for part of this sum.

Under the agreement, OKH's wholly-owned subsidiary, Chronoz Investment Holdings, will issue S$8 million worth of redeemable convertible preference shares (RCPS) to Zana Capital, at an issue price of S$100,000 per RCPS.