I Synergy Group (ASX:IS3) assigned an unsecured AU$1 million loan agreement to its non-executive director Dato' Hoo Voon Him on the same terms as that were announced with the loan on March 28, 2023, as part of its board and corporate review, according to a Friday Australian bourse filing.
As of Friday, AU$395,296.68 had been drawn down from the facility or AU$405,135.68, including interest.
The company originally entered into the loan agreement with its executive chairman Dato' Teo Chee Hong.
Furthermore, Dato' Teo Chee Hong disposed of 50 million fully-paid ordinary shares at AU$0.012 per share via off-market transfer to its managing director Heng Jee Meng, to continue to fund the investment requirements set by the Australian Government, upon the business talent visa granted to Dato' Teo Chee Hong.
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