Koyo International executive director enters $3m loan agreement with subsidiary
The loan is known as the “Working Capital Loan 2.”
Koyo International Limited has announced that Foo Suay Lun has entered into a loan agreement, dated 12 September 2024, with the group’s wholly owned subsidiary, Koyo Engineering (S.E. Asia) Pte Ltd.
Under the agreement, Foo will provide up to $3m in working capital to Koyo Engineering.
The loan, known as "Working Capital Loan 2," will accrue interest at 1.5% per annum above the cost of funds from an existing commercial bank.