Owner of Prestige Cars accepts Jackspeed's offer

JACKSPEED Corporation said after Tuesday's trading close, it had made a non-binding offer to convert part or all of a S$10 million loan into equity in private-owned Prestige Cars.

The listed company said that the offer made on April 18 will see the outstanding loan, or part thereof, converted into 80 per cent equity interest in Prestige Cars.

The sole shareholder of Prestige Cars has accepted the offer on May 18.

Jackspeed has received S$1 million as repayment for the loan.  The outstanding loan principal is S$9 million as at Tuesday.