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Swee Hong to issue S$7 million in convertible bonds
CIVIL engineering firm Swee Hong is planning to issue S$7 million in convertible bonds.
In an exchange filing on Thursday evening, the mainboard-listed firm said that it has entered into a subscription agreement with the subscriber, Targa Solution Pte Ltd, the corporate guarantor, KH Foges Pte Ltd, and personal guarantor Anil Dhanpatlal Agrawal for the issue.
Targa Solution is a special purpose vehicle set up by an individual named Jay Pok, who is the vehicle's sole shareholder and director and has no connections with Swee Hong or its directors. He had set up a company, LHI Technology, in China to produce medical cables for global major medical equipment manufacturers, and this had been acquired by American firm Carlisle Interconnect Inc in 2014.
The bonds, if converted, will be solely for Targa Solution's investment purposes, said Swee Hong.
The firm added that it intends to use the net proceeds for working capital purposes.