OKH Global unit issuing S$8m preference shares
Exercise by Chronoz to fund purchase of 15% stake in Pan Asia Logistics Holdings
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 …
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Brokerage Haitong removes long-term Hong Kong unit chief Lin, appoints new head
London stocks hit new record at open
Heineken sells more beer in Q1, sticks to outlook
US seeks 36 months’ jail for Binance founder Zhao
China’s Huawei launches new software brand for intelligent driving
Capital A chief Fernandes defers retirement, renews contract for five years