Staff Reporter
,
Singapore
Photo from Shutterstock
The loan bears an interest rate of 6.9% per annum.
Oxpay Financial secured a $2m convertible loan facility from Oxley Capital Management, owned by its controlling shareholder, Ching Chiat Kwong.
Ching holds a 27.85% stake in OxPay Financial.
An interest rate of 6.9% per annum will apply to the loan beginning on the disbursement date of each tranche. Oxley Capital Management will disburse the loans in four tranches.
Oxley Capital Management can convert all or part of the outstanding loan into fully paid new ordinary shares in the company's issued share capital at $0.0405 per share.
Join Singapore Business Review community
Since you're here...
...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.
We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.
Let us help you drive your business forward with a good partnership!