Hoe Leong Corporation has announced that it has completed a series of proposed transactions in relation to its financial and corporate restructuring.

 

In a filing to SGX on June 23, Hoe Leong states it has completed all the proposed transactions set out in its circular to shareholders dated June 1 including the issue of a $3 million convertible loan note as well as the grant of 6.16 billion non-listed and non-

transferable options to Shing Heng Holding.

 

The company also issued new shares and convertible bonds as part of debt settlement and subscription agreements with RHB Bank, Sing Investments & Finance (SIF) and United Overseas Bank (UOB).

242 million new shares were issued to RHB 344 million new shares were issued to SIF while UOB was issued $833,5574 in zero-interest convertible bonds which are convertible into 476.3 million new shares. 

 

Hoe Leong Corporation also issued 65.4 million remuneration shares to Lee Tiam Nam, and appointed Yeo Puay Hin as a director of the company.

 

All the new and remuneration shares were issued at a price of 0.175 cents per share. The conversion price on UOB&rsquo s convertible bonds is also at the same price per share.

 

With the completion of the transactions, the issued and paid-up share capital of the company (excluding treasury shares and subsidiary holdings) totals 6.27 billion shares. 

 

Hoe Leon expects resumption of trading of its shares on June 25. Trading had been suspended since September 2019.