Cacola Furniture bags $1m convertible loan to fund acquisitions
It came from a Chinese investor.
SGX-listed Cacola Furniture has received a $1 million convertible loan from Chinese investor Ge Jian Ming.
The loan has a term of five years and a 6% interest rate. It can be converted into Cacola shares at an initial conversion price of 0.684 cents per share, which represents a discount of 2.3% to Cacola's closing price of 0.7 cents on Friday, December 11.
If fully converted to Cacola shares, Ge's conversion shares will make up 17.1% of the company's enlarged share capital.