Hatten Land to raise $27m from convertible loans

Proceeds will finance Melaka development projects.

Hatten Land Limited (Hatten Land) will raise $27m via convertible loans through an agreement with Haitong International Financial Products (Singapore) Pte. Ltd (Haitong International FP).

According to a press release, around $25.4m will be used to fund property development in the Melaka state and Malaysia and for working capital.

The loans will bear an interest rate of 7% per annum payable every six months.

Loan period will last for 24 months.

Hatten Land executive chairman and managing director Dato’ Tan June Teng Colin said, “The Loan underscores the confidence in Hatten Land’s project pipeline, especially in Melaka, which has an unique legacy and location while being highly strategic to tourism and China’s Belt and Road Initiative.”