Union Gas grants further extension for maturity date of ADERA AI bonds as latter seeks listing

Raphael Lim

Published Sun, Jul 3, 2022 · 04:33 PM

UNION Gas Holdings has agreed to further extend the maturity date for S$1 million worth of convertible bonds issued by ADERA AI, as the latter is in the process of undergoing a public offering and listing on “certain stock exchanges”.

In a bourse filing late on Friday (Jul 1), Union Gas said the maturity date of the bond has been further extended by 3 months to Sept 30, 2022, but did not indicate which exchange ADERA AI is seeking to list on.

Singapore-based ADERA AI is principally in the business of providing secure data handling services to clients in Singapore, Hong Kong, and Macau. It offers solutions for the transformation of physical documents to secured data using intelligent data capture, recognition scanning, additional validation technologies and archival services.

A wholly-owned subsidiary of Union Gas entered into the agreement last January to subscribe for the convertible bonds, which have an internal rate of return of 10 per cent per annum, and were scheduled to be redeemed 1 year after the closing date.

Union Gas announced in March this year that the maturity date had been extended to June 30, 2022, in view of the potential public offering and listing of the issuer.

If ADERA AI undergoes a public offering and listing on “certain stock exchanges” prior to the revised Sept 30 maturity date, the bonds shall be converted into shares at a 30 per cent discount to the public offering price.