CATALIST-LISTED apparel retailer Incredible Holdings inked deals on Tuesday to borrow up to S$9.41 million from companies linked to a controlling shareholder.

 

The loans, which can be repaid in cash, new shares or a mix of both, " are primarily to fund the company' s business operations" , the board said in a bourse filing. It said the funds could go to new acquisitions, funding for Incredible' s financing business, growth of the luxury goods business, and general corporate and working capital.

 

The bulk comes from an unsecured, interest-free loan facility for up to S$9.1 million, extended by controlling shareholder Mission Well. This company, owned by executive director Christian Heilesen, has a 28.15 stake in Incredible, which used to be known as Vashion Group.

 

The rest is from Go Best Holdings, which has a 1.84 per cent interest in Incredible and is owned by a family trust, the beneficiaries of which are Mr Heilesen' s relatives. Otherwise, no other directors, controlling shareholders or substantial shareholders have interests in the Mission Well and Go Best loan agreements, said the board.

 

Both the loan agreements are interested-person transactions under Catalist rules, it noted, but added that there have been no other interested-person transactions for the year to Dec 31, 2020.