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Pavillon funds Johor Bahru acquisition with RM29.9 million convertible bonds issue
SINGAPORE-LISTED Pavillon Holdings has issued RM29.9 million (S$9.9 million) worth of 5 per cent convertible bonds due in three years to Low Eng Heng, also known as Low Yong Heng.
The funds will go towards settling the remainder of its subsidiary Fengchi Real Estate's payments for 99 strata lots in City Plaza Commercial Complex, Johor Bahru, as well as eight plots of land adjoining the building.
The bonds are convertible into about 98.7 million ordinary shares in the capital of the company, at a fixed price of 30.25 sen each.
Mr Low is a Malaysian businessman with a particular interest in commercial properties, Pavillon said in an exchange filing. He also owns mining concessions in Indonesia.
He is neither a director nor substantial shareholder of Pavillon.